Dubai’s Jabbar Internet Group who invested $1 million in India’s Arzooo.com – has recently invested in India’s ride-hailing unicorn Ola. This is indeed a yet another step of making India & Middle-East trade partnership stronger.
The $11 million investment was a part of the ongoing Series J round in which many investors participated – including Jabbar, Investment AB (Sweden), Deshe Holdings (US) and several individual investors including the co-founders of Jabbar, Samih Toukan and Hussam Khoury.
The founder of the business data platform Paper.vc, Vivek Durai stated…
“The current round of allotments appears to be part of Ola’s ongoing $472 million Series J round of financing that includes a $238 million investment by Hyundai Motor Company and a $62 million investment by KIA Motors Corporation,”
– Vivek Durai – founder, Paper.vc.
Since last few months, Ola has been raising funds in tranches in order to reach a threshold of $1 billion investment in fresh funds. The company earlier secured $100 from Flipkart’s founding partner Sachin Bansal in January this year.
In December last year, SoftBank offered $1 billion funds to Ola which was later turned down by Bhavish Aggarwal (CEO, Ola) and instead took $250 million for its mobility arm Ola Electric from SoftBank earlier this month. Currently, Ola Electric is looking to raise more money to expand its reach to the electric vehicle segment and to fulfill its target of running 1 million electric vehicles by 2021.