Ola Lands a Biggie! Raises $500 Million Series F Funding!
Ola, India’s largest car aggregator and rental app for personal transportation today announced that it has raised $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 funding will be used towards fuelling growth across existing categories as well as in innovating mobility solutions for the local market.
With this round of funding, Ola has now raised 1.18 billion dollars. Their previous round of funding of $400 million came in April of this year where DST Global was the leading investor.
Here are the details of all the funding rounds raised by Ola till date.
Funds Raised By Ola Till Date –USD 592 Million
|First Round||N/A||April 2011||USD 330,000|
|Second Round||Tiger Global||2012||USD 5,000,000|
|Third Round||Matrix Partners, Tiger Global||2013||USD 20,000,000|
|Fourth Round||Steadview Capital||July 2014||USD 41,500,000|
|Fifth Round||Softbank & Existing investors||Oct 2014||USD 210,000,000|
|Sixth Round||DST Global, GIC, Falcon Edge Capital SoftBank Group, Tiger Global, Steadview Capital Accel Partners US||April 2015||USD 400,000,000|
|Seventh Round||Baillie Gifford, Falcon Edge Capital, Tiger Global, SoftBank Group, DST Global, Didi Kuaidi||November 2015||USD 500,000,000|
Bhavish Aggarwal, Co-founder & CEO, Ola said, “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.”
Ola Growth & Market Share
The company claims that Ola has grown by over 30 times in last one year alone, and now clock over 1 million booking requests a day. They have over 275,000 cabs registered on its platform and currently operate in 102 cities in India. Ola also has over 75,000 rickshaws under their Ola auto offering. In Mumbai, Ola operates with Kaali Peeli taxis as well.
The company claims that their app has a presence in smartphones of over 78% cab users in India.