Update: Ola today has confirmed that it is raising $210 Mn (approx. INR 1260 cr.) from SoftBank Internet and Media, Inc. (SMIC) and existing investors, Tiger Global, Matrix Partners India and Steadview Capital.
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.
Bhavish Aggarwal, Co-founder & CEO, Ola said
We are thrilled with the pace at which we are growing. Ola is at the forefront of the mobile internet revolution in India and Softbank as an investor and a strategic partner with its global network, brings in a lot of relevant experience and knowledge of this domain. We will continue to build towards our vision of transportation as a seamless and ubiquitous service in every corner of the country and focus on the driver ecosystem to enable micro entrepreneurship and skill development at scale.
Taxi service provider, Ola Cabs, has raised a whooping $210 Mn in a new funding round led by Japan’s SoftBank Corp at valuation of $1 Bn, reports ET. This is the fourth round of funding which Ola has raised and this round comes in just a few months after it received INR 250 Cr. in funding from Steadview Capital, Sequoia Capital and other exiting investors.
Founded in 2011 by IIT Bombay graduates Bhavish Aggarwal and Ankit Bhat, Ola had raised $20M in Series B and $5M in it’s Series A round in 2013 and 2012 respectively.
As per the company, currently it has over 30,000 cars available across 19 cities. Recently it has expanded operations in to Ludhiana, Amritsar, Vizag and Surat.