Ola (which has now rebranded from Olacabs) has confirmed a definitive agreement to raising $210mn (approx. INR 1260 cr.) from SoftBank Internet and Media, Inc. (SMIC) and existing investors, Tiger Global, Matrix Partners India and Steadview Capital.
Ola earlier raised INR 250 crores (USD 42mn) from Steadview Capital and Sequoia Capital. Competitor, TaxiForSure raised $10mn this year.
Ola in the last two months has launched operations across 9 new Indian cities taking its overall presence to 19 (the company recently launched Ola Wallet).
Ola boasts of 33,000 cabs on the mobile app available for customers to book from.
Softbank has set aside $10Bn for investing in India (has invested $627mn in Snapdeal).
“Since SoftBank’s foundation, our mission has been to contribute to people’s lives through the Information Revolution. We believe India is at a turning point in its development and have confidence that India will grow strongly over the next decade. As part of this belief, we intend to deploy significant capital in India over the next few years to support development of the market.” Masayoshi Son, Chairman and CEO of SoftBank Corp. (“SoftBank”)
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