Ola Taxi App: 3rd Most Valuable Startup in India

BENGALURU: Taxi app Ola has become the 3^rd most valuable venture-backed company in India after it earned a fund of $400 million from a group of investors, reports Business Insider. The journey from a small taxi service and app to 3^rd most valuable venture in the country conceals a lot.

Ola has been valued at a rate of $2.4 billion and it is rumored that the startup will use the fund to expand to new locations and spread into new business areas. Its leading trails could be seen after it bought TaxiForSure the previous month. Bhavish Agarwal, an IIT Bombay alumnus said that the merged entity now holds almost 80 percent of market share. He also added, “We will scale up rapidly and double our products and engineering team to about 1,000 in the next quarter.”

In India, above Ola are the startup ventures like Flipkart and Snapdeal. But Ola is in competition with Uber, one of the exciting startups on international level. Ola is the second most valuable startup in the world with a worth of $41 billion after the Chinese handset maker Xiaomi, which is also spreading its roots in India fast.

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