Ola secures Series F funding from Baillie Gifford, Didi Kuaidi with others

One of India's cab aggregators, Ola, has recently completed its Series F funding round and have raised around $500 million.
Ola

One of India’s cab aggregators, Ola, has recently completed its Series F funding round and have raised around $500 million from Scottish investment firm Baillie Gifford and China's Didi Kuaidi, besides some existing investors.
Company’s existing partners such as Falcon Edge Capital, Tiger Global, Japanese internet and telecom conglomerate SoftBank Group, and Russian investment firm DST Global also participated in this round.
While Baillie Gifford joins as the latest investor in Ola, the funding from taxi-hailing company Didi Kuaidi Joint Co and other existing investors was reported previously. The fresh investment enabled Ola, run by ANI Technologies Pvt Ltd, to complete its new round of funding.
With the current round, Ola has raised almost $1.3 billion in external funding. Of this, about $1.2 billion has been secured over the past year. In April this year, Ola raised $400 million in funding led by DST Global in a Series E round. In October 2014, it mobilised $210 million from investors led by SoftBank Group as part of its Series D round.
Ola also counts Matrix Partners, Steadview Capital, Sequoia India and Accel Partners US among its investors.
The taxi-hailing business in India is heating up as both Ola and US-based Uber Technologies Inc are investing heavily to entrench themselves in the country. In July, Uber India president Amit Jain said the company would invest $1 billion in India over nine months for expansion.
Ola recently said that it has grown 30 times in the past year and now gets more than 1 million booking requests a day. It said the latest funding will be used to fuel growth across existing categories. “The company will continue to build innovative solutions like Ola Share, Ola Prime and Ola Money, as the mobile ecosystem grows in India,” said Bhavish Aggarwal, Co-Founder & CEO, Ola.
The company had launched carpooling service Ola Share in Bangalore last month. It had started mobile payments with the Ola Money app for its prepaid mobile wallet service. Ola Money allows users to recharge mobile phones and send money to friends and family.

Publish Date
Not Sponsored
Live: People Reading Now
RECOMMENDED FOR YOU
TRENDING ARTICLE