Ola raises Rs 14 crores from Chinese firm

Ride-hailing platform Ola has raised Rs 14.1 crore from Chinese company Eternal Yield International Limited.

According to a report accessed from business intelligence platform Paper.vc, ANI Technologies Pvt Ltd, the holding company of Ola, on Monday issued series ‘12’ preferential shares to Eternal Yield International Limited.

The Chinese company, headquartered at Jinhua city in central Zhejiang province, received 9,684 shares with a face value of Rs 10 each and a premium of Rs 14,593. The total value of the deal is Rs 14.14 crore.

Eternal Yield International Limited specialises in supplying electric scooters, gasoline scooters, electric bicycle, and other sports products.

Ola, formerly Olacabs, was founded in Jan 2011 by IIT Bombay alumni Bhavish Aggarwal and Ankit Bhati. India’s most popular mobility platform has users across 110 cities with over 800,000 vehicles across cabs, auto-rickshaws, and taxis.

Besides its SoftBank, other investors in Ola include Tiger Global Management, Falcon Edge, DST Global and Matrix Partners India.

Ola plans to add 10,000 electric vehicles over the next 12 months as part of its ‘Mission Electric’ programme. Ola is currently competing with Uber to increase market share.

Ola was valued at $4 billion last year after raising funds from SoftBank and Tencent Holdings.