Ola has secured $400 million in latest round of funding from DST Global with participation from GIC, Falcon Edge Capital and existing investors SoftBank Group, Tiger Global Management, Steadview Capital and Accel Partners US.
The company had reported $314 million of this investing round in a filing to the Registrar of Companies earlier in the month. Ola will use $100 million of the $400 million for the expansion and growth of its TaxiForSure arm. Ola acquired TaxiForSure for $200 million in cash and equity deal last month to boost its presence in the online taxi market in India. The raised funds will also be earmarked for expansion of its Ola brand. The Bangalore-based company had in October last raised about $210 million from Japan’s SoftBank Group.
“DST Global, GIC and Falcon Edge have been partners in some of the leading Internet success stories globally and we are excited about having them onboard. Our vision is that people shouldn’t find the need to own a car. And we have been able to make this possible for millions of customers in the past four years and creating over a hundred thousand driver entrepreneurs on the platform.” said Bhavish Aggarwal, Co-founder & CEO, Ola in a statement.
With the current round it has raised up to $678 million from about 18 investors since its inception in December 2010. The company competes with Uber and Meru Cabs at the moment. Ola recently launched Ola Cafe, an online delivery service that promises to deliver food within 20 minutes.