Ola secures $500 million in funding, now valued at over $5 billion

After last month’s report that Ola had secured an investment of an undisclosed amount from Chinese ride-hailing company Didi Kuaidi, Falcon Edge, GIC, Tiger Global Management, and SoftBank are other investors, the company yesterday confirmed $500 million in Series F funding, which now values it at over $5 billion.

With this, Ola has secured over $1.3 billion of external funding, of which over $1.2 billion has been raised over the past year. Back in April, Ola raised $400 million in Series E funding round led by DST Global and raised $210 million in Series D funding round led by SoftBank Group in October 2014.

Ola has grown by over 30 times in the last one year and is clocking over one million booking requests a day, according to the company. It has over 350,000 registered vehicles and operates in 102 cities in India. It’s direct competitor in India – Uber had secured $1 billion in funding back in August and is valued at over $50 billion.

Ola recently launched its Ola Money app for Android that lets you make prepaid mobile recharges and pay your postpaid bills.

Commenting on the investment, Bhavish Aggarwal, Co-founder & CEO, Ola said:

As we pursue our mission to build mobility for a billion people, we are excited about bringing onboard partners who can help us get there faster. We will continue to build for the local market through innovative solutions like Ola Share, Ola Prime and Ola Money, as we grow the mobile ecosystem in India.

Author: Srivatsan Sridhar

Srivatsan Sridhar is a Mobile Technology Enthusiast who is passionate about Mobile phones and Mobile apps. He uses the phones he reviews as his main phone. You can follow him on Twitter and Instagram