Ola Raises $100 Million From Ratan Tata’s Fund, U.S. Hedge Fund Falcon Edge
Ola is battling Uber for market dominance in the country.
India’s largest taxi aggregator Ola raised $100 million (around Rs 670 crore) in a fresh round of funding from Falcon Edge Capital and Ratan Tata’s UC-RNT capital, a joint venture between Tata and and the University of California Investments, according to documents filled with the Registrar of Companies on May 2.
The U.S. hedge fund, Falcon Edge, has invested Rs 402 crore while UC-RNT Fund put in Rs 267.9 crore on March 30, the documents show. Tata had invested an undisclosed amount in Ola in 2015 in his personal capacity.
Ola has raised fresh funds at Rs 13,521 per share, nearly 5 percent higher than the fund-raise in November last year when the company mopped up $250 million from existing investor Softbank Group. Ola has raised $1.5 billion so far.
Ola and Uber Technologies Inc. are fighting for market dominance in the country. The fresh investment will help Ola expand its base. The Bengaluru-based startup, founded in 2011, covers 102 cities compared to Uber’s 28, and has registered 500,000 vehicles on its platform. It also offers a wider range of vehicle options than Uber.