Taxi Aggregator Ola raises $500 million from SoftBank, Tiger Global, Baillie Gifford
Bengaluru, India | Red Newswire | Nov 18, 2015 Last Updated at 12:37 AM IST.
The taxi hailing app Ola has obtained a whopping $500 million fund from several investors including Tiger Global, SoftBank Group, Baillie Gifford, DST Global, Falcon Edge Capital and Didi Kuaidi (China’s Taxi aggregator).
Bhavish Aggarwal, CEO Ola while commenting on the funding said, “We are excited about bringing onboard partners who can help us get there faster.” He further added that the fund will be used in increasing supply capacity, fuelling supply initiatives and strengthen the existing markets.
Ola faces competition from Uber, the San Francisco based cab aggregator. According to the reports, the two cab hailing platforms are running shoulder to shoulder with both eyeing to lead the indian roads.
Till now Ola has raised over $1.3 billion, out of which $1.2 billion was raised last year. Uber made an announcement back in July that it will spend $1 billion i.e., Rs. 6,400 crore in the Indian taxi market, which is its next big market after the United States.