Ola, an online transportation company, incorporated by ANI technologies has bagged $11.37 million (approx ₹79.93 crore) in fresh funding in its ongoing series J round.
The investment comes at a time when Ola has been struggling to maintain balance on the board and has been reportedly trying to keep SoftBank from increasing its stake in the company.
It has been reported over the years that Ola co-founder Aggarwal has been doing all in his might to keep SoftBank’s stake below majority.
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.
Also read: SoftBank pumps-in $250 million in Ola Electric
Recently, reports had surfaced that the company was looking to close another $2 billion funding round, but was struggling to avoid SoftBank from increasing its stake in the company. The company claims to complete over a billion rides annually with its over 1.5 million drivers.
Recently, Karnataka transport department informed Ola and Uber that their carpooling services are not permissible under the present Karnataka Transport Act.
While, according to the media reports, the number of daily rides of cab aggregators have increased by a mere 4 per cent, from 3.5 million to 3.65 million in the past six months.
The fall is significant as after a 97 per cent jump in 2016, 50 per cent in 2017 and 20 per cent in 2018, it has reached 4 per cent in 2019.