Rediff.com  » Business » Ola raises $500 million from Softbank, others

Ola raises $500 million from Softbank, others

By Aditi Shah
Last updated on: November 18, 2015 13:06 IST
Get Rediff News in your Inbox:

The latest round of funding comes just months after San Francisco based Uber's announcement to invest $1 billion in India as the app-based taxi-hailing market in the country heats up.

Ola, India's biggest ride-hailing service, said on Wednesday it had raised $500 million from investors including Japan's SoftBank Group (9984.T), Baillie Gifford, Falcon Edge, Tiger Global and DST Global. Ola, which completes more than 1 million bookings a day, will use the funds to grow its existing services and to invest in new markets and products, the company said in a statement.

Ola competes with Uber Technologies in India.

The latest round of funding comes just months after San Francisco based Uber's announcement to invest $1 billion in India as the app-based taxi-hailing market in the country heats up.

Over the past few months, Ola has also introduced a bunch of services to take on Uber, including shuttle services, expanding its mobile wallet, introducing WiFi-cars to select users and running a cafe service on its app.

With more than 350,000 vehicles registered on its platform across 102 cities, Ola, whose existing investors include SoftBank, Tiger Global, Steadview Capital, Sequoia and Accel Partners, has now raised a total of $1.3 billion. 

Get Rediff News in your Inbox:
Aditi Shah
Source: REUTERS
© Copyright 2021 Reuters Limited. All rights reserved. Republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.
 

Moneywiz Live!