Ola Taxi App: 3rd Most Valuable Startup in India

Bhavish, who teamed up with Ankit V Bharti in 2011 to launch the firm said, “Our growth has been strong and we have a very strong market leadership position, which are key reasons for our investors being so supportive.”

The taxi app market in China is dominated by Didi Dache-Kuaidi Dache, with a worth of $8.75 billion and has investors like Alibaba and Soft-Bank, which is giving strong competition to Uber. Hence India will act as a very important field for Uber to establish its grounds. But unfortunately, both Ola and Uber are banned in Delhi, the most expected source of business.

The report by ET said that most of the latest funding will be used to spread the business in small towns and cities. It is also planned to use almost one-fourth of the fund into growing the TaxiforSure business. They are also experimenting on using the app service for logistics and delivery of meals. Jeenendra Bhandari, partner of MGB and Co.LLP said, “Half is the business plan and the valuation attached to that, and the remaining 50 percent is all about the sentiment of ecommerce ventures.”

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