ANI Technologies, which operates cab-hailing startup Ola as well as quick commerce delivery platform Ola Dash among other services, has raised around $20 million (~Rs 150 crore) from Axis Growth Avenues AIF and Arrow Multi-Asset Fund as part of its ongoing Series J round of funding. According to media estimates, the latest round valued Ola between $6.7 billion to $7 billion.
According to regulatory filings, the Bhavish Aggarwal-led startup is issuing a total of 66,268 Series J1 CCPS at an issue price of Rs 22,635 to Axis Growth Avenues and Arrow Multi Assets Fund. In this tranche, Axis Growth Avenues AIF has poured in Rs 112.5 crore, while Arrow Multi has invested in Rs 37.5 crore. It is important to note that Axis Growth Avenues AIF-I, which is participating in the ongoing Series J round, also invested in Swiggy’s massive $700 million round in January of this year, which allowed the food delivery aggregator to join the decacorn club.
Ola announced its foray into the used car market last year and is reportedly seeking to build a super app that would feature personal finance and microinsurance. The fresh infusion of capital appears to be part of Ola’s pre-IPO round, as the startup plans to go public this year. Last year, Zomato became the first new-age tech startup to debut on a domestic exchange. Nykaa, Paytm, and PolicyBazaar were among the tech startups added to the list in 2021.