OLA receives INR 35.88 cr as first infusion from IPO trust; funds to be used for business activities

Ahead of its preparation for public listing, Ola, a cab-hailing unicorn startup, has now received the first infusion of INR 35.88 crore from its IPO trust, cited Inc42.

According to the sources, the company Ola on September 27 received INR 35.88 Cr ($5.05 Mn) in Series J funding round from ARK Ola Pre IPO Fund. The platform has allotted 16885 shares at a nominal value of INR 10 with a premium of INR 21,240 per share.

While, the Bengaluru-based platform said that it will use the funds for general business activities.

Ola, Bhavish Aggarwal and Ankit Bhati-led was founded in December 2010 as an online cab services in Mumbai. It is an online transportation network company developed by ANI Technologies

 Pvt. Ltd. The company has been expanding its horizons with focus on credit over the last few years.

Ola offers commuters the option of both black cabs and private hire vehicles. The team claims to offer the highest driver rates in the region.

Earlier, reports have claimed that Ola has set up an initial team of about a dozen employees to work dedicatedly for IPO preparations.

Including Ola, other leading ride-hailing cab services include GrabUberGettMeru CabsCareem, and many more.

Suviral Shukla

Recent Posts

Shriram Group Establishes A Board Of Management To Oversee Succession Plans

Founder R Thyagarajan said in a press briefing that the Shriram Group has established a…

3 hours ago

Adda247 Raises $20 Mn To Improve Learning Outcomes On Its Platform

Edtech platform Adda247 on Tuesday announced that in a funding round led by WestBridge Capital,…

3 hours ago

India’s renewable energy capacity has crossed 150 GW, closer to its target under Paris Agreement

A new hope came to us in the form of an announcement wherein the Ministry…

3 hours ago

ACROSS Schemes in India extended for another Five years to observe Earth’s Climate Science

Climate change has made every mind to bend a little, just to think more about…

8 hours ago

Entering the global marketplaces in several steps. A working strategy from the Alex Reinhardt Academy

Are you dreaming of starting your own business but don't want to rent office space…

8 hours ago

What RBI recommends and where it may land

One of the strongest achievers out of the Covid-19 pandemic was digital lending in India,…

11 hours ago