India’s leading cab aggregator, Ola pitched to $6 Bn Unicorn with the latest fundings of $74 million from existing investor Steadview Capital- Hong-Kong-and London-based hedge fund through preference shares. Steadview Capital will receive 245,082 preference at a subscription price of INR 21,250 per preference share.
The development of the funds raised will be seen week after the company raises $1.9 Mn through allotting preference shares to Eternal Yield International, a China-based electric vehicle company at a price of $208 per share.
Ola is launched on 3 December 2010 by Bhavesh Agarwal and Ankit Bhati. Since its inception, the cab-sharing application has expanded more than 10,000,000 vehicles across 169 cities including Australia, New Zealand, Uk. Till today, Ola has 30 investors out of which 16 are lead investors. Ola has acquired 5 organizations including FoodPanda India, Ridlr, etc,. It clocks an average of more than 1,500,000 bookings per day.
The company is said to be in conversations with Flipkart Co-founder Sachin Bansal, Singapore-based sovereign wealth fund-Temasek, and African internet conglomerate Naspers LLC to raise funds.
On the not so inspirational side, the car sharing company is facing its losses scaled to over $695 Mn though its income grew 70% during FY16-17.