M
Manish Singh
Guest
Indian ride-hailing giant Ola has raised 7.3 billion, it said in a filing, ahead of its plans to file for an initial public offering early next year.
Mumbai-headquartered financial giant Edelweiss led the new investment tranche. IIFL, Siddhant Partners, Tejal Merchantile, Hero Enterprise also poured money, Bangalore-headquartered Ola said in the filing, which was first reported by Indian news outlet Entrackr.
The new investment comes five months after SoftBank-backed Ola raised 52.7 million in a round led by Temasek, the firm said in a filing. This investment comes two months after Ola Electric, which spun out of Ola in 2019, raised 3 billion valuation in a round led by Alpha Wave Global (formerly known as Falcon Edge Capital). Aggarwal also spearheads Ola Electric.
The firm, which unveiled its electric scooters in August, has delayed the delivery of the vehicle several times citing chip shortage. Furthermore, Bangalore-headquartered mobility startup Bounce this month launched its own electric scooter that is more affordable than Ola Electric’s offerings.
But the issues don’t stop there. Both Ola and Ola Electric have seen several key executive departures in recent months as a result of what Indian outlet Morning Context reported as toxic work culture and distrustful chief executive.
Mumbai-headquartered financial giant Edelweiss led the new investment tranche. IIFL, Siddhant Partners, Tejal Merchantile, Hero Enterprise also poured money, Bangalore-headquartered Ola said in the filing, which was first reported by Indian news outlet Entrackr.
The new investment comes five months after SoftBank-backed Ola raised
The firm, which unveiled its electric scooters in August, has delayed the delivery of the vehicle several times citing chip shortage. Furthermore, Bangalore-headquartered mobility startup Bounce this month launched its own electric scooter that is more affordable than Ola Electric’s offerings.
But the issues don’t stop there. Both Ola and Ola Electric have seen several key executive departures in recent months as a result of what Indian outlet Morning Context reported as toxic work culture and distrustful chief executive.