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Bhavish Aggarwal-Led Ola Raises $139 Million

Ola has raised about $139 million from a few investors, including IIFL, Edelweiss, and Sunil Munjal-led Hero Enterprise, showing regulatory documents sourced from business intelligence platform Tofler. Bhavish Aggarwal-led Ola has been valued at about $7.3 billion.

Ola has allocated 4,63,471 Series J1 Compulsorily Convertible Preference Shares (CCPS) at a premium price of Rs 22,625 per share, as per the filings. It may be pre-IPO financing round, according to the analysts, as the firm is preparing to file its draft IPO documents.

Hero Enterprise has invested about Rs 112 crore. Edelweiss has invested about Rs 250 crore. IIFL has invested about Rs 187 crore. Media platform Inc42 first reported this development. Ola has also allotted shares worth Rs 100 crore to former Zandu promoters Parikh family and Siddhant Partners. Ola has also allotted shares worth Rs 50 crore to Biovet, an animal health vaccine maker. Vicco Group has been allotted shares worth Rs 10 crore. Also, shares worth Rs 13 crore have been assigned to Famy Care Group’s Ashutosh Taparia and Sanjeev Taparia.

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