Ola To Raise Series D Funding Of $210mn Led By Softbank


BANGALORE: Ola(formerly Olacabs), India’s most popular mobile app for cab-booking today confirmed a definitive agreement to raising $210mn (approx. INR 1260 cr.) from SoftBank Internet and Media, Inc. (SMIC) and existing investors, Tiger Global, Matrix Partners India and Steadview Capital. Ola in the last two months has launched operations across 9 new Indian cities taking its overall presence to 19 as well as new and innovative categories across existing cities.

Such rapid growth has made Ola, the first choice of transportation across every city of its operation. Ola is the largest and fastest growing cab-booking app with over 33,000 cabs on the mobile app available for customers to book from. This fresh investment led by SoftBank will further propel Ola to be an integral part of India’s transportation ecosystem across newer cities by making available an efficient, reliable and convenient option for users and service providers.

Masayoshi Son, Chairman and CEO of SoftBank Corp. (“SoftBank”) said, “Since SoftBank’s foundation, our mission has been to contribute to people’s lives through the Information Revolution. We believe India is at a turning point in its development and have confidence that India will grow strongly over the next decade. As part of this belief, we intend to deploy significant capital in India over the next few years to support development of the market.”