Ola Raises Rs 670 Crore Fresh Funding From Ratan Tata Backed Venture
SoftBank-backed Ola has raised Rs 670 crore (USD 104.4 million) in fresh funding from investors including UC-RNT Fund, a venture between the University of California and Ratan Tata.
While UC-RNT Fund has pumped in Rs 267.99 crore, another Rs 402 crore has been infused by FO Mauritius I Ltd, according to regulatory filing by ANI Technologies -- which runs Ola.
However, the valuation of the company benchmarked against the fresh round of funding could not be ascertained. The said shares were allotted to the investors on March 31, 2017.
An email sent to the company remained unanswered.
The Bengaluru-based firm, which is locked in an intense battle with US-based Uber for market leadership, had raised about USD 250 million from SoftBank in November, albeit at a lower valuation of USD...