OLA raises another USD 11.37 million in series-J funding round
Date: 2019-07-06   Author: Paroma Bhattacharya  Category: #news

OLA raises another USD 11.37 million in series-J funding round

OLA, the Bengaluru-based ride hailing giant has raised $11.37 Mn (INR 79.93 Cr) from an ongoing financing round. The funding was a part of its Series-J round, through which it currently plans to raise close to $2 billion in fresh funds.                

According to the data sourced from the Ministry of Corporate Affairs, the Swedish based DIG Investment Ab invested a whooping amount of INR 54.9 Cr, while the US-based Deshe Holdings ranked second by paying up INR 17.66 Cr. The other two investors include Samih Rahman and Hussam Khoury who purchased shares worth INR 3.55 Cr and 1.76 Cr respectively. Incidentally, both are the cofounders of Jabbar Internet Group, a technology investment firm based in Dubai.

A detailed breakdown of investments made by the shareholders is as under:

  • DIG Investment Ab secured 25,858 shares worth INR 54.9 Cr
  • Deshe Holdings took up 8,314 shares worth INR 17.66 Cr
  • Samih Abdel Rahman took up 1,671 shares worth INR 3.55 Cr
  • Hussam Khoury took up 830 shares worth INR 1.76 Cr

Apparently, Bhavish Aggarwal and Ankit Bhati, the co-founders of OLA, have been making efforts to keep SoftBank away from increasing its shares in the company.

Incidentally, on 2nd July 2019, Softbank, the Japanese firm had funded $250 million for OLA Electric – OLA’s electric mobility unit. Experts claim that the OLA-Softbank collaboration seems unlikely to end anytime soon.

Ola co-founder Bhavish Aggarwal has included a clause to prevent SoftBank from buying more stake in the company without the approval of the founders and the board. As of now, the company has managed to raise over $3.8 Bn from investors like SoftBank, Hyundai Motor Company, Ratan Tata, Kia Motors, Sachin Bansal and others.

Ola offers its services across 50 cities in countries like India, UK, Australia and New Zealand. The company aims to complete over a billion rides annually with its drivers surpassing over 1.5 million.

Source Credits:

https://inc42.com/buzz/ride-hailing-unicorn-ola-raises-11-mn-funding-as-part-of-series-j-round/



About Author


Paroma Bhattacharya

Paroma Bhattacharya

Paroma currently works as a content developer for AlgosOnline. Fortified with a post-graduation degree in Journalism and Mass Communication, she delved head long into a writing career, creating resourceful and information enriched content in diverse fields. Apart from...

Read More

More from Paroma


Post Recommendents

Helen of Troy announces the completion of its acquisition of Drybar
Author: Saipriya Iyer

Helen of Troy Ltd., a renowned US-based developer, and marketer of beauty, health and home products, reportedly announced the completion of acquisition of California based haircare product retailer, Drybar. The company...


Airtel & Western Union launch real-time payments in India & Africa
Author: Pankaj Singh

Bharti Airtel, a renowned telecommunications company operating across 18 countries in Africa and Asia, and Western Union, an American communications and financial services firm, reportedly announced a new milestone in ...


Flutterwave raises funding of $35 Mn & partners with Worldpay FIS
Author: Saipriya Iyer

Flutterwave, a Lagos and San Francisco-based company, has recently raised $35 Mn through a Series B funding round. The company has also announced a partnership with a payment processing company, Worldpay FIS to scale u...