Ola Has Raised $11 million from Deshe Holdings, Jabbar Group founders, and DIG Investments

 ANI Technologies’ ride-sharing company Ola has recently raised an $11 million fund which is in its current Series J rounding from investors, including U.S-based Deshe Holdings, and DIG Investment Ab in Swedish. In addition, there are contributions from many individual investors including Hussam Khoury and Samih Toukan. They have partnered with each other to build Jabbar Internet Group – a technology investment company based in Dubai.

For the previous few months, capital in tranches has been raised by Ola as a part of the company’s bigger plan to raise a fresh fund of $1 billion. In January 2019, it had received a secured investment from Sachin Bansal (which costs $100 million) for the Series J round. This was also the first investment that Bansal made ever since his departure from Flipkart.

Some new names such as Jabbar Internet are currently appearing in the current round, which can be noted as Ola’s effort to expand its range of investors. It is said that the founder of Ola – Bhavish Aggarwal – is currently in a long boardroom battle against its largest stockholder, SoftBank, which had previously made an offer of investment in Ola as well as increasing its share in cab aggregator.  It was previously reported that SoftBank had made an offer of a fresh fund of $1 billion in the ride-sharing platform.

Ola, which is currently worth over $5 billion, has previously raised fund from institutional shareholders like Sequoia Capital, SoftBank, Accel, and from automobile manufacturers like Hyundai and Kia Motors.

Ola Electric Mobility Pvt. Ltd – Ola’s mobility arm – had disclosed a fundraise from SoftBank for $250 million on July 02, which made the company worth $1 billion. The subsidiary that belongs to ANI Technologies was founded in February of 2017. It received an investment of ₹400 crore from Matrix Partners India and Tiger Global in March, followed by a confidential investment from Ratan Tata in May.

It was also reported that the company is currently planning to raise more financial support to expand its reach into the segment of electric vehicles. Ola’s target is operating 1 million electric vehicles by 2021.