Ola raises Rs 1,952 cr from DST Global, Tiger, others

Mobile app-based mobile and auto-rickshaw hailing company Ola (earlier Ola Cabs) has raised $ 315 million (Rs 1,952 crore) from a clutch of investors including Russian venture capitalist Yuri Milner’s DST Global, and existing investors, Tiger Global, Steadview Capital and Accel Partners, according to filing on the Registrar of Companies (RoC).

While sources have said that Milner holds a personal investment in Ola, this is DST’s second investment in India, after it picked up a significant stake in e-commerce major Flipkart in 2014.

The funding comes less than six months after Ola raised $ 210 million from Japan’s SoftBank, and close in heels with Ola’s acquisition of TaxiForSure (TFS) for $ 200 million (Rs 1,240 crore) in a cash-and-stock deal, which has made the combined entity the largest technology-backed cab aggregator in India.

The funding round was closed last week, with ANI Technologies Private Limited, the owner of Ola, issuing series G of preference shares to several funds of DST Global and some other existing investors.

According to the filing on RoC, this round saw DST Global leading the round by investing over $ 206 million., while existing investors Tiger Global invested $ 40.65 million, Steadview Capital invested 10.5 million and Accel Investors around $ 5 million. Other investors in the round include ABG Capital, Mauritius Investments Ltd. and Rahul Mehta.

Other existing investors like Softbank and Matrix Partners did not participate in this round.

Media reports had earlier said that Ola, founded by IIT-Bombay batchmates Bhavish Aggarwal and Ankit Bhati, was in talks to raise $ 500 million from a group of investors including DST Global at a valuation of $ 2.5 billion.