Bangalore-based ANI Technologies Pvt. Ltd, which owns and operates cab-hailing firm Ola, has raised Rs 1,675 crore ($250-260 million) in fresh funding from Japanese investor SoftBank. SIMI Pacific Pte, a SoftBank subsidiary, picked 12,97,945 shares valued at Rs 10 at a premium of Rs 12,895 in Ola’s parent company ANI Technologies, documents filed with the Registrar of Companies (RoC) show.
The allotment of shares was done in November last year, however it was never officially announced.
The company has received the latest funding at a valuation of $3 billion in a down round. The fundraise was done at a lower valuation than the previous round of funding, which had valued Ola at $4.5 billion.
The move comes at a time when Softbank (largest investor and shareholder of Snapdeal) is on verge of selling Snapdeal to larger rival Flipkart.
Ola last raised $330 million in a funding round which was also led by Softbank, in February 2017. So far Ola has raised a total funding of $1.5 billion in nine different rounds excluding the latest one from marquee investors such as Tiger Global and Matrix Partners.
Earlier this week, India’s largest e-commerce firm Flipkart raised $1.4 billion from Tencent, eBay and Microsoft at a lower valuation of $11.6 billion from $15 billion.