Domestic ride-hailing firm Ola has raised an additional Rs 112 crore from a bunch of US-based investors including Raymond S Cahnman, Chairman of Transmarket Group, philanthropist Tina & Steven Price, J3T Ventures and Lyon Assets, regulatory filings show.
The investment comes as part of its ongoing Series-J round which values the company at $5.7 billion. Last month, the company had received Rs 150 crore from Sachin Bansal and Rs 520 crore from Steadview Capital as part of the same round.
Ola will need cash at its disposal to fight the battle against Uber as well as to invest in its international operations and other businesses including pharma delivery, payments and lending, as the core ride-hailing market is witnessing a slowdown.
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Last year, Ola started making money on each cab ride — a major milestone — after taking into account expenses such as driver incentives and customer discounts, which showed in the company’s financial results for the year. Ola reported a 61% rise in revenue to Rs 2,223 crore in FY18 while curbing losses by 42% to Rs 2,842 crore.
The company’s largest investor SoftBank has offered to invest as much as $1billion, ET reported in December. However, Bhavish Aggarwal, CEO of Ola has been shoring up his rights against SoftBank and adding allies to the company board since the Japanese investment major is also an investor in Uber.