Ola (formerly Olacabs), mobile app for cab-bookings, today confirmed a definitive agreement to raise $210 mn (about Rs 1,260 cr) from SoftBank Internet and Media, Inc (SMIC) and existing investors, Tiger Global, Matrix Partners India and Steadview Capital.
The latest investment round led by SoftBank qualifies as one of the largest fund-raises in the Indian e-commerce and mobile space.
Ola has launched operations across 9 new Indian cities over the last two months taking its overall presence to 19. The company has over 33,000 cabs on the mobile app.
“We believe India is at a turning point in its development and have confidence that India will grow strongly over the next decade. As part of this belief, we intend to deploy significant capital in India over the next few years to support development of the market,” said Masayoshi Son, Chairman and CEO of SoftBank Corp.
Ola has raised earlier rounds of funding from Tiger Global, Matrix Partners India, Steadview Capitaland Sequoia Capital.
“Ola is at the forefront of the mobile internet revolution in India and Softbank as an investor and a strategic partner with its global network, brings in a lot of relevant experience and knowledge of this domain,” said Bhavish Aggarwal, Co-founder & CEO, Ola.
FE Online | The Financial Express