The board of Ola, the India-based on-demand ride service backed by telecommunications group SoftBank, has approved a fundraise of up to $100m from its existing investors, according to a regulatory filing.
Ola operates an app-based service that enables users to order taxis, chauffeured vehicles, auto rickshaws and shuttle bus transport across more than 100 cities.
The filing indicates that the board members of Ani Technologies, Ola’s holding company, approved an issue of convertible securities at a price of Rs 13,521 ($209) each at a board meeting in late March.
The decision was made a month after reports stated Ola had raised $330m from SoftBank, which provided $250m, and two other, undisclosed existing backers at a $3.5bn valuation, giving the Japan-based corporate a 22.5% stake in Ola.
Ola had raised approximately $1.58bn in funding as of the closure of the last round. It has not disclosed whether it did indeed raise convertible note financing following the board’s approval.
Ride hailing company Didi Chuxing, Baillie Gifford, Falcon Edge Capital, Tiger Global Management, DST Global, Steadview Capital, ABG Capital, Fii Ltr Focus Fund, JS Capital, Parkwood Bespin, Accel and the Singapore state-owned GIC are also among Ola’s existing investors.