SoftBank-backed Ola has raised Rs 670 crore ($104.4 million) in fresh funding from investors including UC-RNT Fund, a venture between the University of California and Ratan Tata. While UC-RNT Fund has pumped in Rs 267.99 crore, another Rs 402 crore has been infused by FO Mauritius I, according to regulatory filing by ANI Technologies – which runs Ola.
But the valuation of the company benchmarked against the fresh round of funding could not be ascertained. The said shares were allotted to the investors on March 31, 2017.
An email sent to the firm remained unanswered.
The Bangalore-based firm, which is locked in an intense battle with the US-based Uber for market leadership, had raised about $250 million from SoftBank in November, albeit at a lower valuation of $3 billion (compared to $4.5 billion earlier).
ANI Technologies, which is not a publicly-traded company, has raised investments of over $1.5 billion from investors, including SoftBank Group, Tiger Global, Matrix Partners, Steadview Capital, Sequoia India, Accel Partners US and Falcon Edge.
The company posted a consolidated loss of over Rs 2,311 crore – about Rs 6 crore a day – during financial year 2015-16.
