In a new funding round, Ola has managed to raise as much as $225 million (Rs 1,478 crore approximately) led by Falcon Edge Capital as well as existing investors Tiger Global Management LLC, Softbank Corp and six other investors.
According to LiveMint, the latest Registrar of Companies (RoC) filing shows that Falcon Edge wrote a cheque for Rs 514.7 crore, and Tiger Global and Softbank have pumped in Rs 396.9 crore and Rs 384 crore respectively. There are some new investors also onboard like Mauritius-based JS Capital (M) Ltd and Parkwood Bespin, and Singapore-based Daniel E Neary. All of them together contributed a total of Rs 131.2 crore.
The company is expected to close this latest round at as much as $500 million (Rs 3,315 crore approximately). This new round of funding will bring Ola’s total funds raised to a huge $900 million (Rs 5,968 crore approximately) so far.
This latest round of funding comes just six months after the company managed to raise Rs 2,500 crores led by DST Global. The April round of funding valued the company at over $1 billion.
Ola was founded in 2010 by Bhavish Aggarwal, and the company has now grown to become one of the top competitors to international entrant Uber. In addition to having acquired rival TaxiForSure last month for $200 million, the company has expanded its services as well. Recently, it brought kaali-peeli taxis and auto rickshaws onto its platform to give its customers cheaper options to choose from. Ola also recently launched Ola Cafe, a 20 minute food delivery service, followed by an online grocery delivery app called Ola Store.
Just today, the company has announced a new cab leasing programme, which will enable flexibility for drivers to lease a car for a minimal initial deposit and monthly lease payments , and an option to own the vehicle after a period of 3 years. The company plans to add 1 lakh cabs by 2016 through this program, and has dedicated Rs 5,000 crore for this purpose.