ANI Technologies-owned domestic cab-hailing firm Ola is in the process of raising `14 crore by way of issuance of preference shares to Eternal Yield International, according to documents sourced from business signals platform paper.vc.
In a meeting of board of directors held on Monday, the company passed a resolution stating 9,684 preference shares are to be allotted at an issue price of RS 14,603 per share to the investor, the documents show.
Directors, chief financial officer and company secretary, jointly “are/is hereby authorised to take all necessary/relevant steps as may be deemed expedient for giving effect to the above resolution for and on behalf of the company,” as per the document.
The fund raise comes amid media reports that Ola is scouting for new investors to reduce dependence on largest shareholder SoftBank Group.
Ola, which has forayed into international markets and is investing in new verticals like food delivery business, has so far raised close to $3 billion, according to Crunchbase.
The company, which raised over $1.1 billion in 2017 from China’s Tencent Holdings and SoftBank, said it was in talks to raise another $1 billion from existing and new investors.
Recent reports claim Ola is looking to raise money from investors like South Africa based internet and media group Naspers and Singapore’s Temasek Holdings.
The company, which competes with US-based Uber in both cab aggregator and food delivery space, saw its losses widen to over `4,000 crore in the year ended March 2017 against losses of around Rs 3,148 crore in FY16.
