India: SoftBank-backed Ola raises $36m from Tekne Private Ventures

Ola co-founder and CEO Bhavish Aggarwal (left) poses with an Ola driver. Source: Ola website

SoftBank-backed cab aggregator Ola has raised Rs 231.83 crore ($36.3 million) from US-based hedge fund Tekne Private Ventures, wire agency PTI reported citing company’s documents fire Ministry of Corporate Affairs (MCA).

The deal saw Ola allot a total of 171,173 fully and compulsorily convertible preference shares to Tekne on June 7, 2017. Out of the total shares, 1.23 lakh shares were allotted to Tekne Private Ventures III LP, US for Rs 167.15 crore and 47,548 shares worth Rs 64.28 crore were issued to Tekne Private Ventures I Master from Cayman Islands, the report said.

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