Ola Raises $500 Million in Funding

Ola raises $500 million

Ola, being a leader of taxi app market in India, has raised $500 on closure of funding round. In September 2015 the Bangalore based cab service providing company was valued at $5 billion, where the leading investors included Baillie Gifford, Falcon Edge, Tiger Global, Soft Bank and DST Global along with Didi Kuaidi – China’s largest cab hailing startup.

“The funds will be used to further accelerate growth in the Indian market with a focus on building mobility for a billion people.” said Ola. The company is already listed as third most valuable venture after the online retailers Flipkart and Snapdeal.

In the statement which followed funding rounds outcomes, Ola said, the company has grown 30 times in last one year and receives more than one million booking request daily. Ola is operating in 102 Indian cities and has nearly 350000 vehicles registered on their platform. The funds so raised would also be used to discovering resourceful mobility solutions for Indian market.

Ola Raises $500 Million in Funding

This Bangalore based cab service provider is a biggest rival for Uber – a US based service provider operating in 22 cities in India and is aiming to a million rides by year 2016. Undoubtedly, India is a huge market for Uber, especially after the growth has been restricted in other countries like China by Didi Kuaidi.

Ola was jointly founded by Bhavish Aggrawal and Ankit Bhati back in 2011. Since then it has received funding which is more than $1.3 billion, most amazingly the company has raised $1.2 billion in past one year.

The company has already begun to span, by including auto-rickshaw on the platform as a personal ride. However, this service is limited to selected cities for now, but will work-out for further expansion in other cities as well.

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