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Ola raises USD 500 million to strengthen transportation market

Ola Cabs

New Delhi: Ola, India’s most popular mobile app for personal transportation, today announced USD 500 million investment in its series F funding round that will enable the organization to accelerate its growth in the Indian market with a focus on building mobility for a billion people.

Baillie Gifford, Falcon Edge Capital, Tiger Global, SoftBank Group, DST Global and Didi Kuaidi were amongst the participants in the series F.

The company has grown by over 30 times in the last one year, now clocking over one million booking requests a day. With over 3,50,000 vehicles registered on its platform, Ola continues to be the first choice for the customers and driver-partners across 102 cities in India.

The latest round of funding will be used towards fuelling growth across existing categories as well as in innovating mobility solutions for the local market.

Ola will also continue to focus on building and nurturing the ecosystem for its driver-entrepreneurs and to enable more drivers to grow as entrepreneurs in the time to come.

Bhavish Aggarwal, Co-founder and CEO, in a statement 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,” Bhavish added.

Ola has introduced a wide range of personal transportation options to serve millions of customers across the country, even in tier two and tier three cities. This includes Kaali-Peeli taxis in Mumbai, Auto-rickshaws in six cities, Yellow Taxis in Kolkata and others.

Ola in the past closed over USD 1.3 billion of external funding, over USD 1.2 billion raised over the past year.

In April 2015, Ola raised USD 400 mn of funding led by DST Global in series E and prior to that, USD 210 mn led by Soft Bank Group as part of its series D round in October 2014.

ANI