Ola Raises Rs 231cr from New York-Based Hedge Fund

Ola has raised over Rs 231 crore from New York-based hedge fund Tekne Private Ventures through issue of preference shares. The deal involves allotment of 1, 71,173 fully and compulsorily convertible preference shares for a total consideration of Rs 231.44 crore, according to the company’s regulatory filings with the corporate affairs ministry.

While Delaware-based Tekne Private Ventures III, LP invested Rs 167.15 crore, Tekne Private Ventures 1 Master, a Cayman Islands-based fund, put in the rest, the filings reveal.

Two months back, local cab-aggregator raised Rs 670 crore ($104.4 million) in funding from investors, including UC-RNT Fund, a venture between the University of California and Ratan Tata, along with FO Mauritius I Ltd.