Ride hailing company Ola has raised another tranche in its ongoing Series J round from Axis Growth Avenues AIF and Arrow Multi-Asset Fund.
Ola has approved the allotment of 66,268 Series J1 preference shares at an issue price of Rs 22635 per share to raise Rs 150 crore, regulatory filings show. Axis Growth Avenues AIF has invested in 112.5 crore whereas Arrow Multi has put in 37.5 crore in this tranche.
Axis Growth Avenues AIF had recently participated in Swiggy’s $700 million round.
As per Fintrackr’s estimates, Ola has raised the fresh funds at a valuation of $7.15-7.3 billion. It’s worth mentioning that the company was valued at around $7.3 billion during December when it picked up $139 million led by Edelweiss.
The fresh fund appears to be a part of the pre-IPO round for Ola as the company is planning to go public this year. Entrackr had exclusively reported about this in Oct. It had entered into the used car segment last year and the company is reportedly planning to launch a super app to expand to include personal finance and microinsurance.
While Ola is raising capital in small and multiple tranches, Ola Electric had raised two rounds in a span of four months and is now valued at $5 billion. Besides electric scooters, the Bhavish Aggarwal-led company is eyeing to launch an electric car by the next year and is looking at setting up local battery cell manufacturing unit.
For the fiscal year ending on March 31, 2021, Ola registered a 63% decline in its operating revenue to Rs 983.2 crore.
During the period, the company’s total expenses also went down from Rs 5,058 crore to Rs 2,007 crore. As a result, it managed to reduce its losses by 49% to 1,116 crore in the last fiscal year.
