After raising around ₹1,000 crore in debt funding for its cab leasing business arm Ola Fleet Technologies, the parent company of the firm — ANI Technologies has now invested ₹50 crore in the company.
As a part of this new funding round, Ola Fleet Technologies has issued 50 million equity shares at a subscription price of $0.15 (₹10) apiece.
The company had previously secured loan from Yes Bank worth ₹1,000 crore. Last year, it took a loan worth ₹250 crore. In the past one year, the company took loans from Axis Bank, HDFC Bank and ICICI Bank worth ₹300 crore, ₹200 crore and ₹100 crore respectively.
Earlier this year, Ola itself pumped ₹50 crore into its leasing subsidiary, marking its first significant capital infusion into the entity. At the time of announcing the launch of the leasing programme, Ola had said that it would invest ₹5,000 crore in the cab-leasing programme over a year.
Ola originally started this cab leasing programme in September 2015, with an aim of allowing its drivers to borrow taxis at cheaper interest rates. The leasing service addresses one of the major pain points for ride-hailing services — locking drivers on the platform for certain duration of the lease.
The homegrown ride-sharing startup recently raised around ₹7,172 crore in a new funding round from Tencent to take on Uber. The company is reportedly in advanced talks with other investors to raise similar amount.