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May - 2015 - issue > Venture Beat

Ola Raises $400 Million in its Series E Round

si Team
Thursday, May 7, 2015
si Team
Country's leading taxi service aggregator, Ola (Erstwhile Olacabs) has raised $400 million in its Series E round of funding from a clutch of investors including GIC, SoftBank Group, DST Global, Falcon Edge Capital, Accel Partners U.S., Steadview Capital and Tiger Global to fuel its business expansion into smaller cities in India. The investment round was led by a Russian venture capital firm - DST Global. Previously, Ola had raised $277 million from Softbank, Matrix Partners, Sequoia Capital, Tiger Global and many others and a separate amount of investment of $210 million last year by SoftBank. Till date, Ola has raised a total fund of $677 million backed by prominent investors.

Ola was founded in 2011 by Bhavish Aggarwal and Ankit Bhati and is operated by Mumbai based ANI Technologies Pvt. Ltd. Ola has expanded its network from 10 cities to 100 cities recently and is anticipating to expand its wings to 200 cities by the end of this year. This development has been accelerated with acquiring its nearest competitor and India's second largest aggregator, TaxiForSure in March 2015 in a cash and equity agreement. With the acquisition, Ola also witnessed an addition of 15,000 cabs to its already huge list of 70,000 cabs and 30,000 autos. The aggregator also has a network of Olacafe - an instant food delivery platform - in prime localities of four cities. The firm is also planning to start a delivering grocery as a part of the initiative.

Commenting on the excellence of Ola, Rahul Mehta, Managing Partner, DST Global says, "Ola offers a strong value proposition for both users and drivers and is transforming personal transportation in India. We're excited by their impressive growth and the potential to expand the platform into other categories and look forward to continue working with their visionary founders and management".

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