Ola Gets $20 Mn From Axis Growth And Arrow Capital

ANI Technologies which operates cab hailing company Ola along with quick commerce delivery platform Ola Dash and other services have raised around $20 Mn from Axis Growth and Arrow Capital as part of its ongoing Series J round.

As per Inc42’s estimate, the ongoing round values Ola at $6.7 Bn valuation.

According to the regulatory filings accessed by Inc42, the Bhavish Aggarwal-led unicorn is allotting a total of 66,268 Series J1 CCPS at an issue price of INR 22,635 to Axis Growth Avenues and Arrow Multi Assets Fund. 

It is worth noting that Axis Growth Avenues AIF-I which is participating in the current round also participated in Swiggy’s massive $700 Mn fund that helped the food delivery aggregator enter the decacorn club.

The development comes almost a month after Inc42 exclusively reported that Ola has raised $20 Mn from Hong Kong-based Segantii Capital. The round was also part of Series J1 which is likely to see more investment chipping in the camping months. 

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 had 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

The development also comes two months after Ola announced 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 raises TLB funds to increase its market presence both domestically and internationally.

The development was first reported by news media outlet Entrackr.