Ola raises Rs 520.79 cr from Steadview Capital

Ride-hailing platform Ola has raised Rs 520.79 crore from Asia-focussed equity hedge fund Steadview Capital Mauritius Ltd. 

Ride-hailing platform Ola has raised Rs 520.79 crore from Asia-focussed equity hedge fund Steadview Capital Mauritius Ltd.

According to a report accessed from business intelligence platform Paper.vc, ANI Technologies Pvt Ltd, the holding company of Ola, on Wednesday issued series ‘J’ preferential shares to Steadview Capital Mauritius Ltd.

Bengaluru-headquartered Ola issued 245,082 shares with a face value of Rs 10 each and a premium of Rs 21,240.

Earlier in January Ola had raised Rs 14.14 crore from Chinese company Eternal Yield International Limited. During that time Ola issued series preferential shares to the Chinese investor.

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

Steadview Capital Mauritius Ltd already invested in the Noida-based contract electronics manufacturer Dixon Technologies (India) Ltd and other startup companies in India.