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Ola raises $500 million from SoftBank, Didi Kuaidi, others

  • Taxi aggregator Ola
    has raised $500 million from Baillie Gifford, Tiger Global, SoftBank Group and
    others to fuel capacity building as it up the ante to compete with US-based
    Uber and homegrown Meru.
  •  
  • Ola has closed the
    Series F funding, investors of which also include China’s Didi Kuaidi, Falcon Edge
    Capital and DST Global. According to sources, Singapore’s sovereign wealth fund

    • Taxi aggregator Ola
      has raised $500 million from Baillie Gifford, Tiger Global, SoftBank Group and
      others to fuel capacity building as it up the ante to compete with US-based
      Uber and homegrown Meru.
    •  
    • Ola has closed the
      Series F funding, investors of which also include China’s Didi Kuaidi, Falcon Edge
      Capital and DST Global. According to sources, Singapore’s sovereign wealth fund
      GIC also participated in the latest round of funding that values the company at
      about $5 billion.
    •  
    • “We will use
      these funds to further accelerate growth. 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,” Ola co-founder and CEO Bhavish
      Aggarwal told the
      Press Trust of India.
    •  
    • He said the company
      has grown more than 30 times in the last one year with over one million booking
      requests a day.
    •  
    • “The latest
      round of funding will be also be used for innovating mobility solutions for the
      local market. Ola will continue to focus on building and nurturing the
      ecosystem for its driver-entrepreneurs and to enable more drivers to grow as
      entrepreneurs themselves, in the time to come,” Aggarwal said.
    •  
    • The investment will
      allow Ola to raise its presence in smaller cities, which often has limited
      transport options. Ola, run by ANI Technologies, has announced a series of
      investments towards building the entire ecosystem. Earlier this year, it
      introduced a cab leasing programme for drivers and said it will spend Rs 5,000
      crore through a subsidiary that will enable drivers to own the cars eventually.
    •  
    • It has also been
      steadily investing across various programmes to grow the driver partner
      ecosystem, and has added services like shuttle and cab sharing, expanded its
      mobile wallet as a separate service, introduced cars with Wi-Fi and offers a
      cafe service on its app.
    •  
    • In March this year,
      Ola had acquired rival TaxiForSure in a cash and stock deal worth $200 million
      to strengthen its position in the taxi services market.

     

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