Online cab aggregator Ola raised $350 Mn from existing and new investors. The latest round of funding has valued the company at $3.5 Bn. Ola has raised total equity funding of $1.25 Bn in eight rounds from about 20 investors such as Tiger Global, DST Global, and Softbank till date. Furthermore, Ola also invested about $7.5 Mn (INR 50 Cr) in its wholly-owned leasing subsidiary Ola Fleet Technologies.
Next up, Alibaba is investing in a $200 Mn funding round of Paytm’s recently formed ecommerce unit. According to the filings with the Registrar of Companies (RoC), the round in Paytm E-Commerce Pvt. Ltd will be led by Alibaba Singapore E-Commerce Pvt. Ltd, a wholly-owned subsidiary of Alibaba Group Holding Ltd, which will invest $177 Mn (INR 1,182 Cr), along with $23 Mn from SAIF Partners.
This week 22 startups raised around $594 Mn in funding altogether and three acquisitions took place.
Startup Fundings Of The Week
Karomi Technology: Chennai-based tech startup, Karomi Technology secured $494K for its flagship product ManageArtworks from early-stage venture fund – Ideaspring Capital. This funding marked Ideaspring’s first seed investment. The company will utilise the freshly infused funds to aggressively expand into the US market and product development.
CreditMantri: Digital lending startup CreditMantri secured $7.6 Mn in its Series B round of funding led by Quona Capital. The investment by Quona has been facilitated via its Accion Frontier Inclusion Fund. Elevar Equity, IDG Partners, Accion Venture Lab, and Newid Capital also participated in the round. The raised funds will be used to grow its user base, strengthen product proposition and build the team.