Exclusive: IPO-Bound Ola Raises $20 Mn From Hong Kong-Based Segantii Capital

Bhavish Aggarwal-led which cab hailing service  Ola Cabs is raising close to $20 Mn (INR 150 Cr)  from Hong Kong-based Segantii Capital.

As per the regulatory documentary accessed by Inc42, ANI Technologies which operates Ola, is further extending its J1 series, by adding Segantti Capital to the round. The startup, which is almost trying to enter the Super-app race, is allotting a total of 66,269 Series J1 CCPS to Segantii India (Mauritius). 

In December last year, Inc42 had exclusively reported about Ola’s $149 Mn funding round from Edelweiss, IIFL, Hero Enterprise among others. Back then, the parent of Ola Cabs has allotted 4,63,471 Series J1 CCPS at a premium price of INR 22,625.

Here’s a break up of the major investors in the $139 Mn round:

• IIFL – INR 248.8 Cr
• Edelweiss – INR 187 Cr
• Vicco Group – INR 10 Cr
• Hero Enterprise- INR 112 Cr
• Brijesh Agrawal – INR 10 Cr
• Biovet Private Limited – INR 50 Cr

It is worth noting that Segantii Capital had participated in food delivery giant Swiggy’s $700 Mn deal which helped the startup to enter the decacorn club, meaning with valuation of $10 Bn or above.

The development also comes on the heels of Ola raising of $500 Mn in TLB debt round. Ola became third Indian startup to raise a TLB fund after IPO-bound OYO, and edtech decacorn BYJU’s. A startup ideally raise TLB fund to increase its market presence both domestically and internationally.

It has also been noticed that both OYO and BYJU’s raised the TLB round around the same time their IPOs came into media. While OYO has already filed its DRHP and has received in-principle approval from both NSE and BSE to list, media reports have surface BYJU’s to take the SPAC route. 

Bhavish Aggarawal had disclosed IPO plans for both of its major businesses – Ola and Ola Electric in an interview last year. He had then said that both the business will eventually head for IPO, but Ola Cabs being the mature business will get listed sooner than its much new and mired in controversy business Ola Electric.

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