India’s leading taxi aggregator Ola raises $74 million funding from existing investor Steadview Capital.
After this funding round Ola pips OYO a hotel aggregator startup and become India’s No.2 most valuable startups. Ola is now only behind digital payments service firm Paytm (One97 Communications Pvt. Ltd).
After $74 million in fresh funding round, Ola, India’s leading cab-hailing service valued at $5.7 billion.
Oyo Rooms, which was valued at nearly $5 billion after it raised $1 Billion from SoftBank Group Corp & Others.
Before got acquired by Walmart last year, the leading e-commerce giant Flipkart was the most-valuable Indian startup (close to $16 billion) for the longest time.
Last January, Ola had raised $1.1 billion in fresh capital at a valuation of $3.5-4 billion from China’s Tencent Holdings Ltd and existing investor SoftBank and said that it was in talks to raise an additional $1 billion.
According to regulatory filings accessed through data intelligence platform Paper.VC, Steadview Capital has received 245,082 preference shares at a subscription price of Rs21,250 per share as part of the series J round. Steadview now holds a 2.61% stake in Ola.
As per the latest data, Ola acquired 60% shared taxi commute of India but
to secure its future Ola’s biggest fight is now against its largest investor SoftBank.
Softbank, which currently holds roughly 26% in the company is pushing Ola to sell their operation to Uber.
The founder of Ola Bhavish Aggarwal is opposing this move and trying to bring in more capital through new investors to keep SoftBank at bay.
Since its launch in 2011, Ola has raised over $2.5 billion in funding from local and global investors. For Ola, it is necessary to keep a large war-chest ready to fight Uber & Softbank, which both has deep pockets.