Ola Raises $225 Mn From Falcon Edge Capital & Existing Investors: Report

Cab & auto hailing App Ola has reportedly raised around $225 Mn (INR 1,478 Cr.) as a part of its new funding round of $500 Mn, which the company will close shortly.

According to documents filed by Ola with the Registrar of Companies (RoC), the funding was led by existing investor Falcon Edge Capital along with Tiger Global Management LLC, Softbank and six other investors also participating.

If the reported news turns out to be accurate, it would take the total capital raised by ANI Technologies Pvt. Ltd, the company that owns Ola, to a little over $900 Mn.

Ola had closed a $400 Mn round earlier this year, from an investor consortium led by Russian billionaire Yuri Milner’s investment firm DST Global.

Over the past few months, Ola has unveiled a slew of measures to take on its rival, Uber. After cabs and autorickshaws, Ola is now working to roll out bus shuttle service.

In addition, it is exploring ancillary revenue channels. It entered the food delivery business with Ola Café in March, followed by grocery delivery app Ola Store in June. It is also expanding its mobile wallet Ola Money, by offering it to other ecommerce platforms such as OYO Rooms, Lenskart and Saavn for accepting payments.

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