Ola follows expansion drive with massive funding round

Cab booking application Ola (formerly Olacabs) has confirmed a Series D funding round of $210 million.

A statement from the India-based service says the startup,which was founded in 2011, has confirmed a “definitive agreement” to raise the funds led by SoftBank as well as existing investors Tiger Global, Matrix Partners and Steadview Capital.

Steadview Capital were involved in Ola’s series C round of $42 million in July alongside Sequoia Capital, Matrix Partners and Tiger Global.

According to the statement, this latest funding comes after a period of rapid expansion for the company with operations in nine new cities in India in the past two months. The service is now in 19 cities.

The statement adds that the investment will help “further propel Ola to be an integral part of India’s transportation ecosystem.”

Softbank’s chairman and chief executive Masayoshi Son says it plans to “deploy significant capital in India over the next few years” as the country continues to develop at a fast pace.

The taxi app and ride-sharing segment continues to attract significant investment with South-east Asia’s Grabtaxi announcing $65 million earlier this month, ride-sharing service Sidecar raised $15 million in September and Uber raising a massive $1.2 billion in June.

Back in April, Lyft also closed a significant round announcing $250 million in Series D.

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About the Writer :: Linda Fox

Linda worked at tnooz from September 2011 to June 2018 in roles including senior reporter, deputy editor and managing editor.

 

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