Homegrown cab aggregator Ola has raised a fresh round of funding worth $50 million from New York-based hedge fund Tekne Capital. The latest funding is expected to take Ola’s valuation to $3.65 billion from $3.5 billion in February.
“Ola continues to be in talks with various investors, including Coatue Management for this round,” a source familiar with the development told ET. Last month, Ola raised $100 million (Rs 670 crore) from Falcon Edge Capital and Ratan Tata’s UC-RNT capital, a joint venture between Tata and and the University of California Investments.
The funding round comes at a time when Ola’s rival Uber is facing the heat owing to several controversies. Earlier today Uber CEO Travis Kalanick announced that he is taking an indefinite leave of absence from the company. Ola posted a consolidated loss of over Rs 2,311 crore — about Rs 6 crore a day — during fiscal 2015-16. The losses were mainly attributed to heavy spending on promotions. Ola’s market share in India will be around 65%, with Uber holding the rest.