Indian Taxi app unicorn Ola, has raised 500 million from a series of new and existing investors.The series F funding was lead by investor Baillie Gifford and existing investors like Tiger Global,Falcon edge, Softbank group and DST global.With this amount Ola has raised a total of $1.4billion from investors.The company plans to use the money to further accelerate in the existing markets and penetrate in more cities and town.The company’s app has already crossed more than 1 million in downloads and has recieved more than 1 billion bookings so far.The company is present in more than 100 cities across India.
The funding comes at an intersting time when the global market leader Uber, has planned to invest $1billion to tap the growing Indian internet population.Uber targets only high end customers in the country and is present only in 22 cities.
“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,” Bhavish Aggarwal, co-founder and CEO of Ola said in a statement. “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.”
According to Uber it plans to surpass its total ridership in US.The basic difference between the two services was that OLA allowed cash payement to its customers while uber only focused on the in app payments.Both the companies have come to common terms if we talk about payments.OLA recently launched its in app wallet named OLA money which allows customers to makepayments in app.