Ola raises around $16 million from J3T Ventures, HBM Investment, others

SoftBank-backed Ola has raised another tranche of around $16 million from at least nine new investors, including J3T Ventures and HBM Investment in its ongoing Series J round, according to documents filed with the Registrar of Companies (ROC) and sourced from data intelligence firm PaperVC.

Petite Pond, Omar O Raucci, Lyon Assets Inc, Steven Price and Tina Price and THC Ventures 12 are some of the other investors who participated in the round.

The round takes the company’s valuation to around $6 billion.

ANI Technologies Pvt. Ltd, which owns and operates Ola, is allotting 53,024 preference shares having a face value of Rs 10 to the investors.

The development comes less than a month after Flipkart founder Sachin Bansal invested $21 million in the company.

Ola had raised $1.1 billion from China’s Tencent Holdings and existing investor SoftBank Group in October last year and said it was in talks to raise another $1 billion.

This latest fund raising activity is a part of the $1 billion announcement which the company has been raising in tranches.

In India, Ola operates across over 100 cities. It has also expanded overseas. For instances, in Australia, it has set-up operations in seven cities. It claims to have registered 40,000 drivers on its app in Australia.

The company is also focusing on non-core business such as food and bike rides. Last month, it announced a strategic partnership with scooter sharing firm Vogo. It plans to invest in 100,000 scooters on the Vogo platform for $100 million.