India’s leading Taxi-booking app Ola has raised $400 million in the series E round of funding from from Russian investor DST Global along with GIC, Falcon Edge Capital. According to the company, the existing investors SoftBank Group, Tiger Global, Steadview Capital, and Accel Partners US also participated in this round. With the current round it has raised up to $678 million from about 18 investors since its inception in December 2010.
Bhavish Aggarwal, Co-founder & CEO, Ola said, “DST Global, GIC and Falcon Edge have been partners in some of the leading Internet success stories globally and we are excited about having them onboard. Our vision is that people shouldn’t find the need to own a car. And we have been able to make this possible for millions of customers in the past four years by creating over a hundred thousand driver entrepreneurs on the platform.”
Rahul Mehta, Managing Partner, DST Global said, “Ola offers a strong value proposition for both users and drivers and is transforming personal transportation in India. We’re excited by their impressive growth and the potential to expand the platform into other categories and look forward to continue working with their visionary founders and management.”
The raised amount will allow Ola to:
- Reach 200 cities throughout the country by the current year end.
- Continue to invest in technology for better hand-on experience for both drivers as well as customers.