Homegrown online cab aggregator Ola is now reportedly worth $5.5- $6 billion after it raised $74 million (₹520 crore) from its existing investor, a Hong Kong-and London-based hedge fund, Steadview Capital, through preference shares.
According to reports, Steadview Capital will now receive 245,082 preference at a subscription price of $301 (₹ 21,250) per preference share,.
This development comes a week after the company raised $1.9 million (₹ 14 crore) via allotting preference shares to China-based electric vehicle company, Eternal Yield International, at a price of $208 (₹14,603) per share.
Ola has raised funds from its investors other than Softbank to curb the Japanese tech conglomerate’s influence. Earlier reports suggest Softbank, which currently owns 26% shares in Ola, is looking to invest $1 billion in the company. However, according to reports Ola may consider accepting only a smaller amount from the Japanese investor.