Indian ride-hailing startup Ola valued at $7.3 billion in new funding – TechCrunch
Indian ride-hailing large Ola has raised $139 million at a valuation of about $7.3 billion, it mentioned in a submitting, forward of its plans to file for an preliminary public providing early subsequent yr.
Mumbai-headquartered monetary large Edelweiss led the brand new funding tranche. IIFL, Siddhant Companions, Tejal Merchantile, Hero Enterprise additionally poured cash, Bangalore-headquartered Ola mentioned within the submitting, which was first reported by Indian information outlet Entrackr.
The brand new funding comes 5 months after SoftBank-backed Ola raised $500 million in a spherical, one of many largest within the web client phase in India, led by Temasek and Warburg Pincus. Ola co-founder and chief government Bhavish Aggarwal had additionally invested in that spherical, the agency mentioned on the time.
Ola — which operates in India in addition to Australia, the UK, and New Zealand and has over 1,000,000 drivers on its platform — mentioned on the time that its ride-hailing enterprise had rebounded after New Delhi eased restrictions within the nation.
Individually, Ola Electrical has raised $52.7 million in a spherical led by Temasek, the agency mentioned in a submitting. This funding comes two months after Ola Electrical, which spun out of Ola in 2019, raised $200 million at a $3 billion valuation in a spherical led by Alpha Wave International (previously generally known as Falcon Edge Capital). Aggarwal additionally spearheads Ola Electrical.
The agency, which unveiled its electrical scooters in August, has delayed the supply of the automobile a number of occasions citing chip scarcity. Moreover, Bangalore-headquartered mobility startup Bounce this month launched its personal electrical scooter that’s extra inexpensive than Ola Electrical’s choices.
However the points don’t cease there. Each Ola and Ola Electrical have seen a number of key government departures in current months on account of what Indian outlet Morning Context reported as poisonous work tradition and distrustful chief government.