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

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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.

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