SoftBank-backed cab aggregator Ola has closed a Rs 231 crore funding round from New York-based hedge fund Tekne Private Ventures through issue of preference shares.

The deal involves allotment of 1.71 lakh fully and compulsorily convertible preference shares (1,71,173 shares) for a total consideration of Rs 231.44 crore, according to the company's regulatory filings with the corporate affairs ministry.

Of this, about 1.23 lakh shares were allotted to US-based Tekne Private Ventures III LP for Rs 167.15 crore and 47,548 shares worth Rs 64.28 crore were issued to Tekne Private Ventures I Master from Cayman Islands.

The shares were allotted on June 7, 2017, the documents showed. An e-mail query sent to Ola remained unanswered.



ET had reported in June that the New York-based investment firm Tekne Capital Management had infused less than $50 million in the company as part of its ongoing funding round that has also seen participation from Ratan Tata's venture fund RNT Capital Advisors and US hedge fund Falcon Edge.



The company has managed to raise about $150 million in funding this year, from Tekne Capital Management, Ratan Tata’s venture fund RNT Capital Advisors, US hedge fund Falcon Edge, and New York-based hedge fund. In November, it closed a $250 million raise from SoftBank, after which it has kept the funding round open.

Chinese internet conglomerate Tencent is also in advanced talks to invest in India’s largest ride hailing app Ola, which if successful could result in an investment of $400 million, ET reported on July 26. Ola has also held talks with US technology giant Microsoft to participate in this funding round, sources had told ET at the time.

Ola is locked in an intense fight with US-based Uber for market leadership in the country. While the company has been successful in raising a sizeable amount of funds, it continues to bleed on account of heavy advertising, promotional expenses and high employee cost.

The company ran up a consolidated loss of over Rs 2,311 crore, nearly Rs 6 crore a day, during the fiscal 2015-16. Ola saw its revenues registering a stellar growth at Rs 758.23 crore during 2015-16 compared with Rs 103.77 crore in the previous fiscal.



(With PTI inputs)