Ola Financial Services (OFS), which operates Ola Money, has raised about Rs 205 crore in funding from Matrix Partners and others as part of its maiden institutional financing round, as per regulatory documents.
Gemini Investments LP, Arun Sarin's family office, and Alpha Wave Holdings also participated in the round, according to the documents.
While Ola did not comment on the fund raise, sources close to the development said the transaction valued the company at about $250 million (about Rs 1,875 crore).
Last week, Ola had announced laying off 1,400 people from its rides, financial services, and food business.
Aggarwal, in an email to employees last week, had said the company's revenues had declined by 95 percent in the last two months due to the coronavirus pandemic.
He had also made it clear that the prognosis ahead for the business is "very unclear and uncertain", and the impact of this crisis is "definitely going to be long-drawn for us".