On demand transportation service provider Ola raises funding of $500 Mn in series F funding led by Baillie Gifford, Falcon, Tiger, SoftBank & DST Global. China-based Uber rival — Didi Kuaidi also played as strategic partner in this funding.
Ola has closed over $1.3 Bn of external funding since its inception with $1.2 Bn over last year itself. With this funding, now Ola is being valued at $5 Billion giant in transportation service providers. Ola also made some strategic acquisitions which helped it to grab 80% market share which includes $200 Mn acquisition of its rival TaxiForSure. Ola claims to be processing 1 million booking requests a day.
These funds will be further invested to penetrate in the Indian market with a focus on building mobility for a billion people and increasing its services supply capacity in coming years with estimated increasing demand of services.
Claiming its service to be grown 30 fold over the past year, the company has 350,000 vehicles on its platform across 102 cities in India, which include regular taxis, high-end ‘Prime’ vehicles, Kali-Peeli taxi, rickshaws. Ola also added commuters in its services via a new Beta version ‘Ola Share’ carpooling service in Bangalore.
As we pursue our mission to build mobility for a billion people, we are excited about bringing on-board 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 Aggarwal, Co-founder & CEO, Ola
Recently Ola has launched its own smartphone app and online payment and wallet Ola Money. and earlier this year Ola has also made its API available opensource to be integrated with other apps to ease users to book Ola cabs directly from within those apps without needing to switching over to Ola Cabs app.