With $5.7 billion valuation, Ola displaces Oyo as No.2 Indian startup
Ola secured $74 million in fresh funding from existing investor Steadview Capital in its latest funding round, pegging its valuation at $5.7 billion
- Bengaluru: Ola has regained its number two ranking in the pecking order of India’s most valuable startups, after securing $74 million in fresh funding from existing investor Steadview Capital in its latest funding round, which valued India’s leading cab-hailing service at roughly $5.7 billion.
- Ola, which has been in talks to raise at least $1 billion over the past year, moved ahead of budget hotel chain Oyo Rooms in terms of valuation and is now only behind digital payments service firm Paytm.
- The latest funding infusion is part of $1 billion that Ola is currently in the process of raising.
- According to regulatory filings accessed through data intelligence platform Paper.vc, Steadview Capital has received 245,082 preference shares at a subscription price of Rs 21,250 per share as part of the series J round.