Ola's valuation crosses $7.3 Bn

Ola has raised about $139 million from few investors including IIFL, Edelweiss, and Sunil Munjal-led Hero Enterprise, show regulatory documents sourced from business intelligence platform Tofler. Bhavish Aggarwal-led Ola has been valued at about $7.3 billion. Hero Enterprise has invested about Rs 112 crore.

Edelweiss has invested about Rs 250 crore. IIFL has invested about Rs 187 crore. Ola has also allotted shares worth Rs 100 crore to former Zandu promoters Parikh family and Siddhant Partners. Ola has also allotted shares worth Rs 50 crore to Biovet, an animal health vaccine maker.

Ola has also completed the acquisition of geospatial services provider GeoSpoc for Rs 26 crore, a separate regulatory filing showed. The ride-hailing major had announced the acquisition last month but had not disclosed any further details about the deal.

Severely hit by the pandemic, Ola registered a 63% decline in its operating revenue to Rs 983.2 crore during the fiscal ended in March 2021. During the period, the company’s total expenses also went down from Rs 5,058 crore to Rs 2,007 crore as a result, the company managed to reduce its losses by 49% to 1,116 crore.