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Matrix Partners-backed Ola raises $210M led by SoftBank

Bangalore, India - October 28, 2014: Ola (formerly known as Olacabs), India’s most popular mobile app for cab-booking, today announced a $210M funding from SoftBank Internet and Media, Inc. (SIMI) and its existing investors, Tiger Global, Matrix Partners India and Steadview Capital. In the last two months Ola has launched operations across 9 new Indian cities taking its overall presence to 19 cities as well as new and innovative categories across existing cities. Such rapid growth has made Ola the first choice of transportation across every city of its operation. Ola is the largest and fastest growing cab-booking app with over 33,000 cabs on the mobile app available for customers to book from. This fresh investment led by SoftBank will further propel Ola to be an integral part of India’s transportation ecosystem across newer cities by making available an efficient, reliable and convenient option for users and service providers. “Since SoftBank’s foundation, our mission has been to contribute to people’s lives through the Information Revolution. 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 is at the forefront of the mobile internet revolution in India and we are thrilled with the pace at which we are growing. As an investor and a strategic partner with its global network, Softbank brings in a lot of relevant experience and knowledge of this domain. We will continue to build towards our vision of transportation as a seamless and ubiquitous service in every corner of the country and focus on the driver ecosystem to enable micro-entrepreneurship and skill development at scale.” said Bhavish Aggarwal, co–Founder and CEO of Ola. “India has the third largest Internet user base in the world, but a relatively small online market currently. This situation means India has, with better, faster and cheaper Internet access, a big growth potential. With today’s announcement SoftBank is contributing to the development of the infrastructure for the digital future of India. We want to support the leaders and entrepreneurs of the digital future; Bhavish is such a great leader.” said Nikesh Arora, Vice Chairman of SoftBank and CEO of SIMI. “Ola is revolutionizing ground transportation with increased value to cab and auto owners - more rides per hour, reduced dry-runs and higher earnings, as well as to its customers - higher availability, reduced wait times and lower prices. Matrix Partners India is privileged to be Bhavish and Ankit's early partner in this journey and we welcome Softbank to the Ola partnership.” said Avnish Bajaj, co-Founder and Managing Director, Matrix India. Ola has earlier raised funding from Tiger Global, Matrix Partners India, Steadview Capital and Sequoia Capital. The Series D round of $210M led by SoftBank qualifies as one of the largest fund-raises in the Indian consumer technology and mobile space. About Ola: Ola (formerly known as Olacabs), founded in January 2011 by IIT Bombay alumni Bhavish Aggarwal and Ankit Bhati, is India’s leading mobile application for cab booking, integrating city transportation for customers and drivers onto a technology platform. This ensures convenient, transparent and quick service fulfillment for both customers and drivers. Ola’s proprietary mobile application for drivers across commercial transport vehicles helps them connect with customers looking for a safe and reliable ride. Customers can access Ola through their mobile app for Android, iOS and Windows. Ola is also the most popular mobile app for cab booking on the Android store currently. Customers can book from over 33,000 cabs on the Ola app, now available in 19 cities - Mumbai, Bangalore, Delhi-NCR, Chennai, Pune, Goa, Jaipur, Chandigarh, Hyderabad, Ahmedabad, Indore, Lucknow, Ludhiana, Amritsar, Surat, Vishakhapatnam and soon in Nashik, Nagpur and Coimbatore. To know more, please visit www.olacabs.com About Matrix Partners India: Matrix Partners India is an investment firm with INR 3,000 crore under management. The firm invests in companies targeting the Indian consumer market at the seed, early and early growth stages. The firm has invested in several market leading companies in the consumer technology space including Quikr (online classifieds), Stayzilla (hotels and alternate stays marketplace), LimeRoad (mobile social commerce marketplace), Newshunt (mobile local language platform), MSwipe (mobile POS), WeAreHolidays (outbound travel marketplace) and Woo (social dating) among others. Matrix Partners has a global network of funds investing in the US, China and India with US $3 billion under management. Further information is available at www.matrixpartners.in About SoftBank Corp.: SoftBank Corp. (TYO:9984), through its subsidiaries and associates, offers a comprehensive range of mobile communications, fixed-line communications and Internet services around the world. With Sprint joining in July 2013, the SoftBank Group became a leading global carrier that now has over 100 million subscribers. Maximizing synergies across its Group companies worldwide, SoftBank aspires to realize lifestyle innovation through IT. SoftBank is also encouraging the adoption of clean and safe energy through its business activities. Further information is available at www.softbank.jp/en/corp

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