Taxi hailing app, Ola raises $500 million from Tiger Global, SoftBank and others

Cab aggregator Ola has raised $500 million led by Baillie Gifford, Falcon Edge Capital, Tiger Global, SoftBank Group, DST Global and China's biggest taxi aggregator Didi Kuaidi.

Commenting on the funding, Bhavish Aggarwal, cofounder and CEO, Ola told ET, “We are excited about bringing onboard partners who can help us get there faster."
The investment will be used to fuel supply initiatives, build supply capacity and to go deeper into existing markets.

Ola competes with San Francisco based Uber in India and it’s been reported that the gap between these two largest ride hailing platforms is slowly shrinking with both eyeing the leadership position on Indian roads and spending millions of dollars to achieve so.

Ola has closed over $1.3 billion of funding, of which about $1.2 billion has been raised over the past year. San Francisco based Uber in July announced that over nine months it would invest $1 billion (about Rs 6,400 crore) in the country, its largest market outside the United States.

Image credit: Indiatimes