Ride-hailing firm Ola, which has seen its business recover gradually over the past few months, is set for a pre-IPO funding round that could bump its valuation up to around $7 billion, or double what it was valued at just four months ago.
A91 wants to stick to backing companies which have sound business fundamentals and not be governed by mark ups to determine the success of its portfolio firms.
"Capital A's strategic involvement with RoaDo is a step towards its mission to invest in diversified and high potential sectors," founder Ankit Kedia said.
The company said it had one lakh sellers before the pandemic which has now grown to over 5.5 lakh with more than 30 million listings. This has led to a year-on-year growth of 17x with an annual GMV of $70 million so far.
The funding round in which existing investors Sequoia Capital India and Verlinvest also participated values the company at over Rs 2800 crore.