India: Ola in talks to raise $100m funding from RNT Capital, Falcon Edge

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Ride hailing service Ola is in discussions to raise  $100 million fresh funding round led by RNT Capital Advisers, a venture fund set up by Tata Sons chairman emeritus Ratan Tata, according to a report in The Economic Times quoting sources.

As per the news report, through its $60 million investment RNT Capital will lead the round, while the remaining amount is likely to come in from existing based investor, US-based hedge fund Falcon Edge Capital.

Structured as an evergreen fund with an indefinite life, RNT Capital has University of California Investments (UC Investments) as its largest limited partner. Last year RNT Capital set up a $250-million corpus with UC Investments to invest in Indian companies.

Ratan Tata, who is now one of the most prolific angel investors in the company, had made an investment of about Rs 1 crore in Ola’s parent company ANI Technologies in 2015.

If the deal goes through then the Ola, which is facing aggressive competition in from US-based Uber, is likely to be valued at $3.5 billion, which is lower than its peak valuation of $5 billion at which it raised funds in 2015.  However, the report said that it is a little higher than the $3 billion valuation it got when it raised capital from Softbank in November last year.

The news report further said that Ola was also negotiating further funding of $200 million from other investors. Ola has, so far, raised about $1.5 billion in funding.

Ola’s previous investors include Tiger Global Management, DST Global, Accel Partners and Sequoia Capital.

While Ola continues to be the market leader, it has been under tremendous pressure from it US-based rival Uber Technologies, which has been pumping money in the Indian market, to get larger share in the market that is currently dominated by Ola. In July 2015, Uber had pledged to pump in $1 billion into India.

Recently, Japan’s SoftBank Group, has reported a valuation loss of 39.3 billion yen ($351 million) in two of its biggest bets in the country, cab-hailing firm Ola and e-commerce marketplace Snapdeal.
Also Read:

Indian ride hailing app Ola raises $330m fresh funding from Softbank, others at lower valuation: Report

India: SoftBank records $351m loss on Snapdeal, Ola investments

We have enough cash to turn profitable in 2-3 years: Ola’s Bhavish Aggarwal

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.