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Indian ride-hailing startup Ola valued at $7.3 billion in new funding
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[QUOTE="Manish Singh, post: 3288"] Indian ride-hailing giant Ola has raised $139 million at a valuation of about $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 [URL='https://entrackr.com/2021/12/ola-valuation-crosses-7-3-bn-completes-geospoc-acquisition-for-3-5-mn/']first reported[/URL] by Indian news outlet Entrackr. The new investment comes five months after SoftBank-backed Ola [URL='https://techcrunch.com/2021/07/08/temasek-and-warburg-pincus-invest-500-million-in-ola/']raised $500 million in a round[/URL], one of the largest in the internet consumer segment in India, led by Temasek and Warburg Pincus. Ola co-founder and chief executive Bhavish Aggarwal had also invested in that round, the firm said at the time. Ola — which operates in India as well as Australia, the U.K. and New Zealand and has over a million drivers on its platform — said at the time that its ride-hailing business had rebounded after New Delhi eased restrictions in the country. Separately, Ola Electric has 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, [URL='https://techcrunch.com/2021/09/30/ola-electric-raises-200-million-at-3-billion-valuation/']raised $200 million at a $3 billion valuation[/URL] in a round led by Alpha Wave Global ([URL='https://techcrunch.com/2021/12/07/falcon-edge-closes-first-tranche-of-10b-fund-rebrands-as-alpha-wave-global/']formerly known as Falcon Edge Capital[/URL]). 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 [URL='https://techcrunch.com/2021/12/02/bounce-infinity-e1-launch/']launched its own electric scooter[/URL] 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 [URL='https://themorningcontext.com/internet/bhavish-aggarwal-is-choking-ola']toxic work culture and distrustful chief executive[/URL]. [/QUOTE]
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Computers & Internet
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Indian ride-hailing startup Ola valued at $7.3 billion in new funding
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