Bhavish Aggarwal-led Ola raises $139 mn, valuation crosses over $7 bn

The new funding comes at a time when Ola's transportation business has been badly hit by the pandemic

IPO-bound mobility platform Ola has raised about $139 million from few investors including IIFL, Edelweiss, and Sunil Munjal-led Hero Enterprise, show regulatory documents sourced from business intelligence platform Tofler. Bhavish Aggarwal-led Ola has been valued at about $7.3 billion.

Ola has allocated 4,63,471 Series J1 Compulsorily Convertible Preference Shares (CCPS) at a premium price of Rs 22,625 per share, as per the filings. It may be pre-IPO financing round, according to the analysts, as the firm is preparing to file its draft IPO documents.

Hero Enterprise has invested about Rs 112 crore. Edelweiss has invested about Rs 250 crore. IIFL has invested