Company pays Rs 26 cr to acquire geospatial service provider Geospoke, also showed the filing.
ET was
to report first On November 12, Ola plans to raise $200-$250 million from investors led by Edelweiss and IIFL as part of its pre-IPO round, valued at $7-$7.5 billion. The company is preparing to file its draft IPO document as an ET reporter first.
According to regulatory filings, Ola is valued at $7.3 billion.
Apart from PE funds, family offices, ultra-high net-worth individuals and corporates have also infused money into the company as part of the new funding round.
As per the filing, Edelweiss Crossover Opportunity Fund made an investment of Rs 250 crore, while IIFL Special Opportunities Fund and IIFL Monopolistic Market Intermediaries Fund together raised Rs 187 crore.
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This is Ola’s second funding tranche in 2021.
In July, existing investors, including Tiger Global and Matrix Partners India, along with a group of angels,
sold shares worth $500 million Warburg Pincus and Singapore government investment firm Temasek in a secondary transaction.
In this deal, the value of the ride hailing app was estimated at about $ 3.5 billion. Cofounder Bhavish Agarwal also invested primary capital in this.
Ola has been rocked by a senior-level exit with the departure of chief operating officer Gaurav Porwal and chief financial officer himself Saurabh last month.
According to a filing with the Registrar of Companies, ANI Technologies, the parent unit of Ola, saw a 65% year-on-year decline in revenue to Rs 689 crore for FY21.
Ola’s loss after tax stood at Rs 1,326 crore in FY21, compared to Rs 1,714 crore in the previous year.
Its consolidated operating revenue, which includes food delivery and financial services, stood at Rs 983 crore as against Rs 2,662 crore in FY15 for the same period.
Documents show that the operating loss came down to Rs 429 crore from Rs 1,485 crore a year ago.
Ola said in the filing that its revenue has been “severely” affected due to the prevailing Covid-19 pandemic and the nationwide lockdown imposed by the government.
In May 2020, during the first wave of the pandemic, Ola said that its revenue had fallen by 95% in the past two months.
In September, Agarwal said the company’s gross trading value (GMV) had exceeded pre-pandemic levels in the last week of August and the recovery from the second wave was three times faster than the first.
The ride-hailing platform added 10 million new users in 2020-21, he said, adding that the company was working on adding more driver-partners, entering new cities and building new products to better service mobility.
Ola’s GMV is the total value of rides – cabs as well as autorickshaws – taken on the platform over a given period of time.
Meanwhile, the mobility firm has expanded into leasing cars and has a separate arm to sell 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. It comes on the back of a $200 million funding round in September from Falcon Edge Capital, Japan’s SoftBank and others at a $3 billion valuation.