Ola Raises Rs. 1,675 Crore In Fresh Funding From SoftBank

Indian online transportation network company Ola has recently raised a whopping Rs.1,675 crore (nearly $250 million) in a fresh funding from its existing investor Softbank.

The Japanese telecoms and internet giant Softbank infused the capital to Ola by picking up 12,97,945 shares at a value of Rs.10, a premium of Rs.12,895. This development exactly came at a time when Ola is fighting an aggressive battle with its American rival Uber.

SoftBank is currently negotiating the sale of its biggest e-commerce sector Snapdeal, to Flipkart.

Last year, the Benguluru based company Ola was in talks with SoftBank and other investors to raise up to $ 500 million only to ward off its major competitor from gaining a share in the Indian markets.

The analysts and reporters of Ola reveal that the company clocked about 6 million weekly rides on an average. These stats were counted from the month of September to December 2016 across all its services – cabs, autos, bikes as well as shuttle buses.

Ola’s long term goals are to work closely with the government and introduce electric vehicles in the top cities in the country.