After buying rival TaxiForSure last month for $200 million, Olacabs has announced that is has raised $314 million (approximately Rs 1,954 crores) in fresh funds. This new funding round saw investors like DST Global, Accel Partners, Tiger Global and Steadview Capital. Also Read - Uber cab service resumed in 31 cities in India with new Lockdown 4.0 guidelinesAlso Read - Uber launches 'Uber Connect' package delivery service to rival Dunzo and Swiggy Genie
Reuters reports this new influx of funds in the company on the basis of a filing by ANI Technologies, the owner of Ola, dated April 2 to the Registrar of Companies. Last month, Olacabs acquired its rival TaxiForSure in a cash and equity deal worth $200 million, deepening its hold in the Indian cab service space. Also Read - Uber to operate 'Essential' cab service to hospitals and pharmacy stores in 4 cities
It is noteworthy to mention that Accel Partners who were investors in TaxiForSure participated in Olacabs’ latest funding round. This funding round comes after Olacabs raised $210 million in October last year from Japan’s SoftBank, which interestingly has not participated in this round.
Since the Uber Delhi rape case, Ola has invested in technology, better safety features as well as new offerings. The company introduced an in-app SOS button, roped in AuthBridge for additional driver verification and provide behavioral and etiquette training to all its drivers. An initiative called Ola Pink was also launched, a fleet of cabs which will be driven exclusively by women, for women passengers.
Recently the company also launched Ola Cafe, a 20 minute food delivery service in four cities in India. The company also bought kaali-peeli taxis and auto rickshaws onto its platform to give its customers cheaper options to choose from. Following suit, Uber today also announced UberAUTO, a cash-only auto rickshaw service in Delhi. With this new capital, Olacabs has now got the ammunition to give even more severe competition to international rival Uber in India.