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Ola Raises About Rs. 1,954 Crores in Fresh Funding

Ola Raises About Rs. 1,954 Crores in Fresh Funding

By Reuters | Updated: 9 April 2015 12:38 IST

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Ola Raises About Rs. 1,954 Crores in Fresh Funding

India's biggest online cab-hailing service Ola has raised about $314 million (roughly Rs. 1,954 crores) in a fresh funding round from investors led by Russian billionaire Yuri Milner's DST Global, a company filing showed.

Private equity investors including Accel Partners, Tiger Global and Steadview Capital also invested in ANI Technologies Pvt Ltd, the owner of Ola, in the latest funding round, the filing dated April 2 to the Registrar of Companies showed.

In October, Ola had raised $210 million (roughly Rs. 1,300 crores) from Japan's Softbank Corp, which did not participate in this round.

Last month, Ola bought rival TaxiForSure for $200 million in one of India's biggest e-commerce deals as it looks to see off fast-growing United States-based rival Uber.

Ola is investing in technology, better safety features as well as new offerings as it expands its network.

Besides letting customers hail taxis as well autorickshaws, the cheaper three-wheeled taxis that ply on India's roads, Ola's mobile app also allows customers to order food in some localities.

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Further reading: Internet, Ola, Ola Cabs