Update: Ola, today has confirmed that it has raised its Series E round of funding of $400 Mn led by DST Global with participation from GIC, Falcon Edge Capital and existing investors SoftBank Group, Tiger Global, Steadview Capital and Accel Partners US. Ola has expanded to 100 cities in the current year from 10 cities a year ago, revolutionizing personal transportation across cabs, taxis and auto-rickshaws.
Bhavish Aggarwal, Co-founder & CEO, Ola said, “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. With increasing smartphone penetration and immense growth in smaller cities and towns, we will be able to drive the benefits of this on-demand platform deeper into the lives of our customers and partners.”
Rahul Mehta, Managing Partner, DST Global said, “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.”
Avnish Bajaj, Co-founder & Managing Director, Matrix India added, “The Ola journey has been phenomenal and is a unique occurrence in the lifecycle of investment firms! We are privileged to be Bhavish and Ankit’s early partner and to have witnessed execution to their grand vision and scale. This investment by DST Global, GIC and Falcon Edge supported by existing investors, sets the Company up for future growth and we welcome them to the partnership.”
Russian Venture Capitalist Yuri Milner’s DST Global has finally invested over $200 Mn in ANI Technologies Private Limited, the owner of Ola. Ola had issued Series G of Preference Shares to various funds within the DST Global umbrella, last week. Its existing investors also participated in this round of funding. (hat tip)