Hedge fund Tekne Capital Management has invested an undisclosed amount sized at less than $50m in India-based, corporate-backed ride hailing platform Ola, the Economic Times reported today.
Ola operates an app-based ride service spanning normal and luxury cars, auto rickshaws and carpooling that operates across 110 Indian cities, and recently launched a mobile payment offering called Ola Money.
The company has also secured investment firm RNT Capital Advisors and hedge fund Falcon Edge Capital as investors in the forthcoming funding round, and is in talks with investment manager Coatue Management, according to two sources familiar with the development.
A regulatory filing in April this year indicated Ola is looking to raise up to $100m, and the round will value the company at approximately $3.65bn, the sources said.
The new capital will follow $1.58bn of funding from investors including on-demand ride platform Didi Chuxing and telecommunications and internet group SoftBank, which reportedly owns a 30% stake in Ola.
Japan-based SoftBank initially invested $210m in Ola in 2014 and followed that with participation in a $400m series E round in April 2015, a $500m round the same year that included Didi Chuxing, and a $300m round in February 2017.
A source told Factor Daily late last month SoftBank is reportedly also looking to acquire the stake in Ola held by investment firm Tiger Global Management, an Ola backer since its $5m series A round, and has offered $700m for the latter’s shares.
Other existing Ola investors include Falcon Edge, Baillie Gifford, DST Global, Steadview Capital, ABG Capital, Fii Ltr Focus Fund, JS Capital, Parkwood Bespin, Accel and GIC.