Ola raises $500 million in new round of funding

Ola said in a statement that it will utilize the funds in accelerating its growth in the Indian market

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Popular taxi aggregator app Ola has said that it has raised $500 million in its Series F funding round

Popular taxi aggregator app Ola has said that it has raised $500 million in its Series F funding round involving companies like Baillie Gifford, Falcon Edge Capital, SoftBank Group and Tiger Global. The company said in a statement that it will utilize the funds in accelerating its growth in the Indian market.

“As we pursue our mission to build mobility for a billion people, we are excited about bringing onboard partners who can help us get there faster. We will continue to build for the local market through innovative solutions like Ola Share, Ola Prime and Ola Money, as we grow the mobile ecosystem in India,” said Bhavish Aggarwal, co-founder and CEO of Ola.

In a market that is seeing the launch of more app-based public transportation companies, Ola has found the going smooth.

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The company claims to get 1 million booking requests a day in the country with more than 3 lakh vehicles registered on its platform.

With this new round of funding, Ola claims to have closed over $1.3 billion of external funding, of which over $1.2 billion has been raised over the past year. Last week, the company launched its independent online wallet, ‘Ola Money’ through which transactions can be done by customers for their rides.