Ola’s wholly-owned cab leasing subsidiary, Ola Fleet Technologies, has raised $7.7 Mn (INR 50 Cr) from its parent company, ANI Technologies Pvt. Ltd. As per filings with the Ministry of Corporate Affairs, the fresh funding was secured on October 12.
As part of the fundraise, the cab leasing arm of Ola issued 50 Mn equity shares at a subscription price of $0.15 (INR 10) apiece.
The development comes three months after cab aggregator Ola invested $15.5 Mn (INR 100 Cr) in Ola Fleet Technologies. Prior to that, the cab leasing firm procured a term loan of $156.3 Mn (INR 1,000 Cr) from India’s fifth largest private-sector bank, YES Bank. The loan was spent on purchasing a new fleet of commercial vehicles.
At the time, it was reported that the loan agreement would be valid for a period 48 to 60 months. As per RoC filings, Ola Fleet also secured a loan of $39 Mn (INR 250 Cr) from Yes Bank in 2016.
Additionally, over the last 12 months, the cab leasing platform Ola Fleet procured loans of $46.7 Mn (INR 300 Cr) from Axis Bank, $31 Mn (INR 200 Cr) from HDFC Bank, and $15.5 Mn (INR 100 Cr) from ICICI Bank.
Ola, however, declined to comment on the development.