Ola parent company ANI Technologies, has increased its authorised share capital to include an additional number of Series-J shares, indicating a further fund raising of another $300 million.
Ola had already raised similar amount in another round about one and half month ago from Hyundai and Kia Motors in a strategic partnership. This was mostly to ante Ola’s mobility solution functions in India with customized electric vehicles and infrastructure provided for by Hyundai.
Now, the company has added Series J Preference Shares to its capital to carry on the current $1 billion equity round that is being raised at a $6 billion valuation.
Sachin Bansal, a co-founder of Flipkart and an existing backer who has already poured in $21 million of the promised $100 million in the company, is slated to participate in the new tranche along with two other auto majors, reports ET.
Ola has been diversifying its investor cap table, roping in a cohort of US-based investors such as Raymond S Cahnman, chairman of Transmarket Group, philanthropists Tina and Steven Price, J3T Ventures and Lyon Assets, among others.