Ola Cabs secures $400 million in series E funding

Ola Cabs has garnered funds to the tune of $400 million led by Russian Venture Capitalist Yuri Milner's DST Global in series E round.
Ola Cabs gets series E funding

In a recent fundraiser, Ola Cabs headed by ANI Technologies Pvt. Ltd. has managed to secure $400 million funds lead by Russian Venture Capitalist Yuri Milner’s DST Global. This series E round of funding was partnered by GIC, Falcon Edge Capital and Ola’s existing investors SoftBank Group, Tiger Global, Steadview Capital and Accel Partners US.

Of this, $100 million out of $400 million raised will be invested in scaling and expansion of TaxiForSure, which was acquired by Ola Cabs for $200 million, in a cash and equity deal earlier this year.

With a reach in only 10 cities a year ago, Ola now claims to have presence in more than 100 cities of the country and this growth boomed up soon after the acquisition of TaxiForSure, India’s second largest cab aggregator in March 2015.

 Ola has also launched its all new Ola Cafe, which is a food delivery service where customers can order food through Ola mobile app from the restaurants in the near vicinity. The service is currently in beta phase.

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