OLA raises another USD 11.37 million in series-J funding round
Date: 2019-07-06   Author: Pankaj Singh  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


Pankaj Singh

Pankaj Singh

Pankaj Singh Develops content for Algosonline, Market Size Forecasters, and a couple of other platforms. A Post Graduate in Management by qualification, he worked as an underwriter in the UK insurance domain before deciding to switch his field of profession. With exp...

Read More

More from Pankaj


Post Recommendents

Wire and Cable Management Systems market: Industry analysis 2020 and forecasts to 2025
Author: Ashwin Naphade

Global Wire and Cable Management Systems market report provides major statistics on the state of the industry and is a valuable source of guidance and direction for companies and individuals interested in the market.

The research report ...


IP Security (IPSec) Market Size, Growth Trends, Top Players, Application Potential and Forecast to 2025
Author: Ashwin Naphade

This report on IP Security (IPSec) market Added by Market Study Report, LLC, covers valuable insights based on market valuation, market size, revenue forecast, SWOT Analysis and regional outlook of this industry. The research also presents a preci...


Consumer Goods (CPG) Sales Software Market: Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends and Forecast, 2025
Author: Ashwin Naphade

The ' Consumer Goods (CPG) Sales Software market' research added by Market Study Report, LLC, is essentially an exhaustive review of present and future trends of this business sphere. The report also collates a concise outline of industry ...