Bengaluru based ride-hailing aggregator Ola has raised about $139 million (Rs 1,049 crore) in its Series J funding round led by Edelweiss, according to several Indian media reports.
The round was backed by family offices, corporates, and high net worth individual investors.
Concurrently, the company has acquired geospatial services provider GeoSpoc for Rs 26 crore, the reports added.
The fresh financing for Ola comes at a time when it is preparing to go public in the first half of next year. The company, which competes with US-based Uber Technologies in the Indian ride-hailing market, plans to raise up to $1 billion through an IPO.
Edelweiss Crossover Opportunity Fund contributed Rs 250 crore in its latest round, while IIFL Special Opportunity Fund and IIFL Monopolistic Market Intermediaries Fund pumped in Rs 187 crore collectively, digital publication Entrackr reported citing the company’s latest regulatory filings.
The other investors include Siddhant Partners and Tejal Merchantile, who invested Rs 100 crore each; Hero Enterprise (Rs 112.5 crore); animal health vaccine company Biovet (Rs 50 crore) and Kolkata-based jewellers Shashi Badalia and Sons (nearly Rs 25 crore).
Ola has reportedly attained a post-money valuation of $7.3 billion after its latest financing.
In July, Singapore state investor Temasek Holdings and private equity major Warburg Pincus had bought $500 million worth of Ola shares from its existing investors. New York-based Tiger Global and venture capital firm Matrix Partners India had partly sold their stakes in the company as part of the transaction.
The company’s co-founder Bhavish Aggarwal had also participated in the round. Ola’s other shareholders include SoftBank Group Corp and China’s Tencent Holdings.