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Ola Raises $139 Million In New Funding; Valued At $7.3 Billion

5 months ago, Ola had raised $500 million in a single round, led by Warburg Pincus and Temasek.

Ola Raises 139 Million In New Funding

Indian ride-hailing company Ola has reached a valuation of around $7.3 billion after raising $139 million in new funding. 

This new investment division was led by Edelweiss, the Mumbai-based financial giant. Ola said that the money was also poured in by giants like Tejal Merchantile, Siddhant Partners, IIFL, and Hero Enterprise.

5 months ago, Ola had raised $500 million in a single round, led by Warburg Pincus and Temasek. The co-founder and chief executive of Ola, Bhavesh Aggarwal had also made some investments in that round, as per the firm.

Ola operates in the U.K New Zealand and Australia as well, aside from India, and as per the firm, its business had rebounded when restrictions in the country were eased. 

Ola Electric, the firm said in a filing, has separately raised $52.7 million in a round led by Temasek. Just two months ago, Ola Electric had raised $200 million, reaching a valuation of $3 billion, in a round that had been led by Alpha Wave Global. Ola Electric, which came out of Ola in 2019, is also led by Aggarwal.

It was in August when Ola first introduced its electric scooters, delivery of which had been delayed due to chip shortage, as cited by the firm. 

Bounce, a mobility start-up by the firm, launched its own electric scooter that is supposedly more affordable than Ola Electric.

Ola had also faced the issues of many executive departures recently because of toxic work culture, as reported by Morning Context.

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