Ola has closed the Series F funding, raising USD 500 million from Baillie Gifford, China's Didi Kuaidi and existing investors, including Falcon Edge Capital, Tiger Global, SoftBank Group and DST Global.
Ola, the online taxi aggregating company on Wednesday announced that it has raised $500 million as Series F funding from a group of investors including Gifford, Falcon Edge Capital, Tiger Global, SoftBank Group, DST Global and Didi Kuaidi.
Ola will use these funds to further accelerate its growth in the Indian market with a focus on building mobility for a billion people.
With the current round, Ola has closed over $1.3 bn of external funding, of which over $1.2 bn has been raised over the past year. In April 2015, Ola raised $400 mn of funding led by DST Global in Series E and prior to that, $210 mn led by SoftBank Group as part of its Series D round in October 2014.
The investment will be utilised to fuel supply initiatives, capacity building and newer use cases-going deeper into existing markets, the company said in a statement.
The company has grown multifolds in the last one year clocking over 1 million booking requests a day. Ola has over 350,000 vehicles registered on its platform, and operates across 102 cities in India.
Bhavish Aggarwal, Co-founder & CEO, Ola said, “As we pursue our mission to build mobility for a billion people, we are excited about bringing onboard partners who can help us get there faster. We will continue to build for the local market through innovative solutions like Ola Share, Ola Prime and Ola Money, as we grow the mobile ecosystem in India.”
Ola’s mobile apps, accounted for a presence in smartphones of 78% cab users in India according to recent mobile intelligence reports.
In an effort to reach more people, Ola has introduced Kaali-Peeli taxis in Mumbai, Auto-rickshaws in 6 cities, Yellow Taxis in Kolkata and Ola Share (beta) in Bangalore.
Founded in January 2011 by IIT Bombay alumni Bhavish Aggarwal and Ankit Bhati, Ola competes with Uber in the India market.