Funding plans
Indian unicorn Ola has recently secured a funding of $ 2 billion. From Tencent Holdings and existing investor SoftBank. The funding round is still open and the number is expected to even increase further. The Indian on-demand car ride company is giving a tough competition to US based Uber in Indian market
One of the fastest growing ride hailing application Ola has raised a funding of Rs 1,675 crore. Which is about $250 million from Japanese telecom and internet major giant SoftBank Corp. As shown in the document filed with the Ministry of Corporate Affairs (MCA). In Ola’s parent company ANI Technologist the investment, which was closed last year.It has been through by SoftBank’s subsidiary SIMI Pacific Pte Ltd.
Though it’s never announced officially last year. That Ola’s so called ‘down round’ where in a company raises money from the investors. Which is at a valuation lower than its previous round of fund-raising.
From the news – Ola
Economic Times reported the first time in its edition dated November 25 about Ola’s Funding. That it is raising $250-300 million from SoftBank which will uphill the value of the company to $3 billion. As Ola’s valuation is moving up, it has started gaining back its market share against San Francisco-based rival Uber. (which is currently struggling its management and regulatory hurdles in its home market.)
ET has also reported that Ola is raising another $100 million funding from Indian Pioneer Ratan Tata. His RNT Capital and Falcon Edge in a deal which would help Ola move up its valuation to $3.5 billion. By this Ola would grab second position in the Taxi Aggregation Business.
According to the analysts and employees at Ola, the company has provided on an average near about 6 million weekly rides from September and December 2016. When you add up all its offerings — cabs, auto rickshaws and shuttle buses. The major contributors to the revenue for both Ola and Uber are its economy services that include Ola Micro, Mini and UberGo, analysts said.
Ola’s also has plan to work closely with the government. In introducing electric vehicles in the top cities in the country by next three months to boost prospects for the company.
