ola valuation, edelweiss, series j
Agencies

Ola cofounder Bhavish Aggarwal

Bengaluru-based mobility startup Ola has raised $139 million as part of its Series J (G4) funding round, led by Edelweiss PE, regulatory filings showed.
The company paid Rs 26 crore to acquire geospatial services provider GeoSpoc, the filings also showed.
ET was the first to report on November 12 about Ola looking to mop up $200-$250 million from investors led by Edelweiss and IIFL as part of its pre-IPO round, valuing it at $7-$7.5 billion. The company is preparing to file its draft IPO documents, as ET reporter earlier.
According to the regulatory filings, Ola has been valued at $7.3 billion.
Apart from PE funds, family offices, ultra-high net-worth individuals and corporates have also pumped in money into the company as part of the new funding round.
As per the filings, Edelweiss Crossover Opportunity Fund pumped in Rs 250 crore, while IIFL Special Opportunity Fund and IIFL Monopolistic Market Intermediaries Fund together brought in Rs 187 crore.
This is Ola’s second funding tranche in 2021.
In July, existing investors, including Tiger Global and Matrix Partners India, along with a bunch of angels, sold shares worth $500 million to Warburg Pincus and the Singapore government’s investment firm Temasek in a secondary transaction.
The deal valued the ride hailing app at around $3.5 billion. It also saw cofounder Bhavish Aggarwal invest primary capital.
Ola has been rocked by senior level exits, with chief operating officer Gaurav Porwal and chief financial officer Swayam Saurabh leaving last month.
ANI Technologies, Ola’s parent entity, saw revenues for the fiscal year 2021 declining 65% year-on-year to Rs 689 crore, according to filings with the Registrar of Companies.
Ola’s losses after tax were Rs 1,326 crore in fiscal year 2021, compared with Rs 1,714 crore in the previous year.
Its consolidated operating revenue, which includes food delivery and financial services, for the same period stood at Rs 983 crore against over Rs 2,662 crore in FY20.
Operating loss narrowed to Rs 429 crore from Rs 1,485 crore the year before, the documents showed.
Ola said in the filing that its revenue had been “severely” impacted due to the prevailing Covid-19 pandemic and nationwide lockdown imposed by the government.
In May 2020, during the first wave of the pandemic, Ola said its revenue nosedived by 95% in the previous two months.
In September, Aggarwal said the company’s gross merchandise value (GMV) had crossed pre-pandemic levels in the last week of August and that the recovery from the second wave had been three times faster compared with after the first wave.
The ride-hailing platform had added 10 million new users in 2020-21, he had said, adding that the company was working on onboarding more driver-partners, entering new cities and building new products to better serve mobility.
Ola’s GMV is the value of total rides — cabs as well as autorickshaws — taken on the platform over a certain period.
Meanwhile, the mobility firm has expanded into leasing cars and has a separate arm for selling electric scooters.
On Wednesday, Ola Electric, which operates as a separate company, said it had raised Rs 398.26 crore in a financing round led by Temasek. This comes on the back of a $200 million funding round from Falcon Edge Capital, Japan’s SoftBank and others at a valuation of $3 billion in September.

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