Ola, Indian mobile app for personal transportation 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. The company will use these funds to further accelerate its growth in the Indian market with a focus on building mobility for a billion people.
Ola claims that 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, Ola continues to be the first choice for customers and driver-partners across 102 cities in India. 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,” the company said.
With the current round, it has closed over $1.3 billion of external funding. In April 2015, the company 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. The firm counts Tiger Global, Matrix Partners, Steadview Capital, Sequoia India, Accel Partners US and Falcon Edge also amongst its existing investors.
In order to cater to a larger market in the country and fend off its biggest rival Uber, Ola has introduced a range of other products. This includes Kaali-Peeli taxis in Mumbai, Auto-rickshaws in 6 cities, Yellow Taxis in Kolkata and Ola Share (beta) in Bangalore.