Cab-Hailing Service Ola Cabs Raises $20 Million from Hong Kong-based Segantii Capital
The cab hailing service, run by Bhavish Aggarwal, Ola Cabs has raised over $20 million (INR 150 crore) from Hong Kong-based Segantii Capital.
Ola is expanding its J1 series with the addition of Segantti Capital. Segantii India will get a total of 66,269 Series J1 CCPS from the firm, which is almost ready to enter the Super-app competition (Mauritius).
Ola's $149 million fundraising round, led by Edelweiss, IIFL, and Hero Enterprise, was exclusively reported on by Inc42 in December of last year. Ola Cabs' parent company has already allocated 4, 63,471 Series J1 CCPS at a premium price of INR 22,625.
It's worth mentioning that Segantii Capital was a part of Swiggy's $700 million funding round, which enabled the business into the decacorn club, which means a valuation of $10 billion or more.
This follows Ola's $500 million debt agreement with TLB. Ola follows the IPO-bound OYO and the edtech decacorn BYJU as the third Indian startup to raise a TLB funding. If a company wishes to grow its market both domestically and internationally, it should seek TLB funding.
It's also interesting to note that OYO and BYJU also raised TLBs around the same time as their IPOs. While OYO has already submitted its DRHP and received in-principle approval to list on both the NSE and the BSE, media reports have surfaced that BYJU plans to follow the SPAC route.
Bhavish Aggarawal announced IPO intentions for both Ola and Ola Electric, the company's two core divisions. He had previously stated that both businesses will ultimately go public, but that Ola Cabs, as the more mature firm, will go public sooner than Ola Electric, which is still engaged in scandal.
Ola is expanding its J1 series with the addition of Segantti Capital. Segantii India will get a total of 66,269 Series J1 CCPS from the firm, which is almost ready to enter the Super-app competition (Mauritius).
Ola's $149 million fundraising round, led by Edelweiss, IIFL, and Hero Enterprise, was exclusively reported on by Inc42 in December of last year. Ola Cabs' parent company has already allocated 4, 63,471 Series J1 CCPS at a premium price of INR 22,625.
It's worth mentioning that Segantii Capital was a part of Swiggy's $700 million funding round, which enabled the business into the decacorn club, which means a valuation of $10 billion or more.
This follows Ola's $500 million debt agreement with TLB. Ola follows the IPO-bound OYO and the edtech decacorn BYJU as the third Indian startup to raise a TLB funding. If a company wishes to grow its market both domestically and internationally, it should seek TLB funding.
It's also interesting to note that OYO and BYJU also raised TLBs around the same time as their IPOs. While OYO has already submitted its DRHP and received in-principle approval to list on both the NSE and the BSE, media reports have surfaced that BYJU plans to follow the SPAC route.
Bhavish Aggarawal announced IPO intentions for both Ola and Ola Electric, the company's two core divisions. He had previously stated that both businesses will ultimately go public, but that Ola Cabs, as the more mature firm, will go public sooner than Ola Electric, which is still engaged in scandal.
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