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.

Ola is locked in an intense fight with the US-based ride-hailing company, Uber for market leadership. It has raised investments from the likes of SoftBank Group Corp., Tiger Global Management, Matrix Partners, Steadview Capital, Sequoia India, Accel Partners US and Falcon Edge.