Ola in talks to secure $500 million in latest round of funding

Ola is in advanced talks to raise $500 million (Rs. 3,150 cr) in latest round of funding from existing investors, as per a latest report from the Economic Times.


The online taxi aggregator will be valued at over $4.5 billion up from $2.5 billion after completing the latest funding round that is expected to be finalized within 2-3 weeks, added the report. Earlier this month, Ratan Tata invested an undisclosed amount of sum in the company while it also secured $400 million in funding from DST Global and others in April. Ola is said to use the raised funds to invest in new business. The company has been expanding into new ventures like online food delivery service and Ola Store. It is planning to launch delivery service similar to Uber’s UberRush and also gearing up to launch bus service that will be integrated into its existing mobile app. Ola gets more than 80% of its booking from the Ola app which was recently integrated with TaxiForSure.

Ola acquired TaxiForSure for $200 million last year and the company which is already present across 100 cities in India, is upping its game to give a tough competition to Uber which is also expanding its presence in all major cities in India.


Author: Sneha Bokil

Sneha Bokil is a tech enthusiast and is currently using OnePlus 3T but she still treasures her Nokia N70 (M). You can follow her on Twitter @snehabokil and on Google+