India’s 2nd most valuable startup: Ola valuation to hit $6.2 billion, new funding proposal by Hyundai, Kia Motors show
1 May 2019 6:30 PM GMT
Uber's arch-rival and Sachin Bansal-backed Ola is raising $352 million as part of its Series J round of funding from Hyundai and Kia Motors that would see its valuation reach $6.2 billion mark.
- Even as Uber's arch-rival and SoftBank-backed Ola is raising $352 million as part of its Series J round of funding from Hyundai and Kia Motors, the proposed round would see Ola's valuation reach $6.2 billion-mark, showed regulatory filings sourced by business signals platform Paper.vc.
- Ola's Series J round began with $111 million it raised in January this year at a valuation of $5.7 billion, the documents showed.
- Ola's biggest investors apart from SoftBank's subsidiary SIMI Pacific and Tiger Global in order of their shareholding in the company includes Copper Technology (9.30 per cent), Matrix Partners India (7.66 per cent), Hyundai/Kia Motors (5.66 per cent), FO Mauritius (3.25 per cent), DST Asia IV (2.61 per cent), Steadview Capital, and Internet Fund III (2.29 per cent).
- Ola had cut its consolidated losses by more than half to Rs 2,842.2 crore in FY2018 from Rs 4,897.8 crore in FY17, PTI reported while its consolidated revenue shot up 60.9 per cent to Rs 2,222.6 crore in Fy18 from Rs 1,380.7 crore in the preceding fiscal.