Major Indian shareholder Mr. Ola raised $ 50 million from Hong Kong based private equity firm Sailing Capital and the China – Eurasia Economic Cooperation Fund (ECEC) with an estimated value of approximately $ 4.3 billion. China's funds were supported. This fund was disclosed in the regulation document provided by Paper.vc and was judged by Mint, Indian financial institution.
According to Mint, Sailing Capital and CEECF will hold 1% or more of Ora's capital . Ola spokesperson said the company has no comment.
Ola's latest fund raising announcement took place in October, when Tencent raised $ 1.1 billion (the largest amount of funds raised so far) from the returned investor SoftBank Group. Ora said he plans to raise another billion dollars from other investors by making the final round about $ 2.1 billion.
At that time, sources familiar with the operation said Mr. Ora headed for a $ 7 billion cash valuation after the increase of 2.1 billion dollars was confirmed. Financing from Sailing Capital and CEECF is approaching funding targets, but the latest estimate of $ 4.3 billion is still below predicted.
Ola needs a lot of money to promote ambitious expansion both inside and outside of India. In addition to climbing, Ola bought Foodpanda's Indian business to compete with UberEats, Swiggy, Zomato, Google Areo and took over the food delivery game at the end of last year. This was a bold effort due to the integration of Indian food delivery department, especially since Ola began food shipping service in less than a year. In order to ensure the survival of Foodpanda, Ola paid $ 200 million for a new acquisition.
A few months later, Ola, who purchased Foodpanda, announced the acquisition of Ridlr's public ticket sales company as part of its stock purchase transaction. Outside of India, we focus on a series of international launches. He announced that he will start today …
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Ola raises $ 50 M with the value of $ 4.3 B from two Chinese funds.
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