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Ola's plan of raising $1 bn in funding gets Steadview's Rs 520 crore boost

According to sources, the allotment of these shares to Steadview is part of the ride hailing company's plans of raising about $1 billion in funding

Press Trust of India  |  New Delhi 

Ola, Ola charging station, Ola electric cabs, Ola electric mobility

Cab hailing platform has issued 2.45 lakh shares worth over Rs 520 crore to Steadview Capital Mauritius an alternative asset management firm and an existing investor in the company, according to documents filed with the

"...245,082 fully and compulsorily convertible, cumulative 'Series J' preference shares...is hereby allotted at a subscription price of Rs 21,250 per series 'J' preference share...to Steadview Capital Mauritius Ltd," the documents showed.

This translates into an investment of about Rs 520.79 crore by Steadview, an existing investor in

The resolution was passed at a board meeting of ANI Technologies' -- the entity that runs -- on January 9, the documents added.

Emails sent to the company went unanswered.

According to sources, the allotment of these shares to Steadview is part of the ride hailing company's plans of raising about $1 billion in funding.

In October last year, the Bengaluru-based company had announced raising $1.1 billion funding from China's and It had also stated that it was in "advanced talks" to close an additional $1 billion to conclude a total mop-up of over $2 billion.

Ola is locked in a battle for market leadership with US-based rival in and other markets like Australia, and the UK.

The Indian company has been aggressively ramping up its rides business as well as hailing platform and (through Foodpanda).

First Published: Thu, January 10 2019. 15:45 IST
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