Ola, India’s top cab-hailing company and third most valuable Internet company has raised $225 million through Series H funding round led by existing investor Falcon Edge Capital along with the other existing investors Tiger Global Management LLC and Softbank Corp and six other investors. The new funding which is expected to close shortly may raise more than $500 million.
Provided the reported news is accurate, it would raise ANI Technologies Pvt Ltd, the parent company of Ola to little more than $900 million. Few months ago, the company has closed $400 million funding from Russian billionaire Yuri Milner’s investment firm DST Global. Though the current funding may be lesser than what Uber has raised recently, it is very important for Ola for its future developments.
Working on beating Uber, in the last months Ola has unveiled a slew of measures like Ola Auto, Ola Cafe and Ola Store. It aims to become a one-stop transportation solutions provider in India. Sources confirm that the company is on the verge of introducing shuttle bus services by on-boarding chartered and tourist shuttle bus on its platform. It is working on the expansion of mobile wallet Ola Money, by offering it to other e-commerce platforms like OYO Rooms, Lenskart and Saavn for accepting payments. It is also on the lookout for other ancillary channels to generate additional revenue.