Rumour mills were pretty much abuzz about Ola raising a fresh round through Russian Venture Capitalist Yuri Milner’s DST Global. That deal has now materialised, though in a smaller capacity. While rumours had come in for a $400-$500 Million round, DST has infused in just over $200 Million to wrap up a staggering $315 Million Series E round for Ola.
ANI technologies Pvt. Ltd., teh company behind Ola Cabs, ahs now issued Series G of Preference Shares to various funds within the DST Global umbrella and to some of its existing investors. The company’s filings obtained from the Registrar of Companies reveals the list of investors and the money each has invested in these preference shares. (via Toffler)
Here’s a look at the RoC filing :
Scope for further investment still remains, though as of now, DST’s investment stands at just over $200 Million. Ola currently operates its services through its fleet of over 100K drivers across 85 Indian cities.
It recently acquired TaxiForSure for a staggering $200 Million, thus becoming the largest operator of app-based taxi services within India. Ola continues to receive tough competition from U.S.-based rival Uber, which has been aggressively expanding its footprint pan India. Uber is currently looking to expand to several new Indian cities, the announcement for which may come anytime soon.