Ola has announced raising $500 million in its Series F funding round by Baillie Gifford, Falcon Edge Capital, Tiger Global, SoftBank Group, DST Global and Didi Kuaidi(tax-hailing service from China).
They will use the funds to further accelerate its growth in the Indian market with a focus on building mobility for its customers. It also plans to use the funds towards fueling growth across existing categories as well as in innovating mobility solutions for the local market.
Ola claims to have 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, Ola is present in 102 cities in India.
The company 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, says Ola.
With the current round, Ola has closed over $1.3 bn of external funding, of which over $1.2 bn has been raised over the past year. In April 2015, Ola raised $400 mn of funding led by DST Global in Series E and prior to that, $210 mn 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.
“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,” said Bhavish Aggarwal, Co-founder & CEO, Ola.