Ola, India's largest cab aggregator by market share, has announced that it has closed $500 million in its Series F funding round. Baillie Gifford, Falcon Edge Capital, Tiger Global, SoftBank Group, DST Global and Didi Kuaidi participated in this round.
Ola has raised the the series F fund at a valuation of over $5 billion.
Ola will use these funds to further accelerate its growth in the Indian market with a focus on building mobility for a billion people.
The company claimed it has grown by over 30 times in the last one year, now clocking over 1 million booking requests a day.
With over 350,000 vehicles registered on its platform it is operating in 102 cities.
The latest round of funding will be used towards fueling 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 themselves, in the time to come, the company said in a statement.
With the current round, Ola has closed over $1.3 billion of external funding, of which over $1.2 billion has been raised over the past year. In April 2015, Ola raised $400 million of funding led by DST Global in Series E and prior to that, $210 million led by SoftBank Group as part of its Series D round in October 2014. Ola counts Tiger Global, Matrix Partners, Steadview Capital, Sequoia India, Accel Partners US, and Falcon Edge also amongst its existing investors.
Bhavish Aggarwal, co founder and CEO at Ola 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."
Ola has raised the the series F fund at a valuation of over $5 billion.
Ola will use these funds to further accelerate its growth in the Indian market with a focus on building mobility for a billion people.
The company claimed it has grown by over 30 times in the last one year, now clocking over 1 million booking requests a day.
With over 350,000 vehicles registered on its platform it is operating in 102 cities.
The latest round of funding will be used towards fueling 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 themselves, in the time to come, the company said in a statement.
With the current round, Ola has closed over $1.3 billion of external funding, of which over $1.2 billion has been raised over the past year. In April 2015, Ola raised $400 million of funding led by DST Global in Series E and prior to that, $210 million led by SoftBank Group as part of its Series D round in October 2014. Ola counts Tiger Global, Matrix Partners, Steadview Capital, Sequoia India, Accel Partners US, and Falcon Edge also amongst its existing investors.
Bhavish Aggarwal, co founder and CEO at Ola 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."
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