Even as Ola is gearing up for its IPO (like many other tech startups this year,) its latest round of funding placed its valuation at about $7.3 million.
The Bengaluru-based ridesharing giant raised $139 million as part of its Series J (G4) fundraise, led by Edelweiss PE, according to regulatory filings. The round also included participation from IIFL, Hero Enterprise, Siddhant Partners, Tejal Merchantile, and other investors.
According to the filings, Edelweiss Crossover Opportunity Fund invested ₹250 crores, while IIFL Special Opportunity Fund and IIFL Monopolistic Market Intermediaries Fund together invested ₹187 crores. Hero Enterprise has invested about ₹112 crores.
In a similar development, Ola’s two-wheeler EV maker Ola electric also raised $52.7 million in a round led by Temasek, two months after it raised $200 million and came to be valued at $3 billion. The filing also showed that the SoftBank-backed Ola acquired geospatial services provider GeoSpoc for ₹26 crores.
Ola is one of the biggest names in the ride-hailing segment – having a presence in India as well as Australia, the U.K., and New Zealand, it has over a million drivers on its platform and has added 10 million new users in 2020-21. The company has also been working on onboarding more driver-partners, entering new cities, and building new products to better serve mobility, even as its business was hit hard by the pandemic and subsequent lockdowns – in fact, the first wave saw Ola’s revenue drop by 95%.
Its consolidated operating revenue, which includes food delivery and financial services, for the same period, stood at ₹983 crores, lesser than the consolidated operating revenue of over ₹2,662 crores in FY20.
However, it said that its ride-hailing business had rebounded after the restrictions were eased across the country.