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Ola raises $74 million from Steadview Capital: report

Ola has raised $74 million from Steadview Capital in a Series J round, reportedly valuing the company between $5.5-$6 billion, according to the Economic Times. As part of the investment, Steadview Capital has received 245,082 preference shares at Rs 21,250 per preference share, according to ROC documents ET accessed.

Ola refused to comment on the current funding round to MediaNama.

The company had last raised Rs 14.1 crore from Chinese company Eternal Yield International, for which Ola issued 9,684 shares to the company at a premium of Rs 14,593. Eternal Yield specialises in supplying electric scooters, petrol-run scooters, electric bikes, etc.

Prior to that, Ola had raised $50 million in September 2018 from Sailing Capital (Hong Kong) and the China-Eurasian Economic Cooperation Fund (CEECF).

Possible investment in online pharmacy: Earlier this week, Mint reported that Ola is in talks to invest or acquire online pharmacy Myra Medicines, where the deal is expected to close at the end of this month.

Recent developments at Ola

  • Last month, the company diversified into scooters with a $100 million investment in Vogo, adding 100,000 scooters to Vogo. Vogo is present in Hyderabad and Bangalore and has 200 stations across both cities, and claimed to have 100,000 users.
  • In October, Foodpanda expanded to 30 more cities, and is now present in 50 cities. The month before that, it launched in thirteen cities. In October, Foodpanda acquired Mumbai-based cloud kitchen HolaChef, nearly six months after the latter shuttered its operations.
  • The same month, Ola’s communications head Viraj Chouhan left the company, less than a year after he joined. Ola then appointed Anand Subramanian, who had been with Ola for 6 years, as the new communications head.

Our Ola and Foodpanda coverage here.

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