Matrix Partners-backed Ola raises $500M
Bangalore, India - November 18, 2015: Ola, India's most popular mobile app for personal transportation today announced that it has closed $500 million in its Series F funding round. Baillie Gifford, Falcon Edge Capital, Tiger Global, SoftBank Group, DST Global and Didi Kuaidi participated in this round. Ola will use these funds to further accelerate its growth in the Indian market with a focus on building mobility for a billion people.
The company has grown by over 30 times in the last one year, now clocking over 1 million booking requests a day. With over 350,000 vehicles registered on its platform, Ola continues to be the first choice for customers and driver-partners across 102 cities in India. The latest round of funding will be used towards fuelling growth across existing categories as well as in innovating mobility solutions for the local market. Ola will also continue to focus on building and nurturing the ecosystem for its driver-entrepreneurs and to enable more drivers to grow as entrepreneurs themselves, in the time to come.
Bhavish Aggarwal, co-Founder & CEO, Ola said, "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."
"As a privileged early investor in Ola, we have been witness to amazing growth seen by the Company in a very short span of time. Olaâ€™s market leadership is a result of the phenomenal value that they are creating for millions of customers and drivers by solving mobility for them with an indigenized approach. We are delighted with the way they continue to execute, with a focused mission of enabling mobility for the whole country, and this funding is a testament to it." said Avnish Bajaj, co-Founder and Managing Director, Matrix India.
Ola's mobile apps, accounted for a presence in smartphones of 78% cab users in India according to recent mobile intelligence reports. Ola has introduced a wide range of personal transportation options to serve millions of customers across the country, even in tier 2 and tier 3 cities. This includes Kaali-Peeli taxis in Mumbai, Auto-rickshaws in 6 cities, Yellow Taxis in Kolkata and Ola Share (beta) in Bangalore, a first of its kind social ride-sharing option for users within their groups of choice. ETAs on the Ola app across categories have reduced to an average of 5 minutes across cities, with categories like Mini and Auto consistently being available within 2 minutes in most cities.
With the current round, Ola has closed over $1.3 bn of external funding, of which over $1.2 bn has been raised over the past year. In April 2015, Ola raised $400 mn of funding led by DST Global in Series E and prior to that, $210 mn led by SoftBank Group as part of its Series D round in October 2014. Ola counts Tiger Global, Matrix Partners, Steadview Capital, Sequoia India, Accel Partners US, and Falcon Edge also amongst its existing investors.
Founded in Jan 2011 by IIT Bombay alumni Bhavish Aggarwal and Ankit Bhati, Ola (formerly Olacabs), is India's most popular mobile app for personal transportation. Ola integrates city transportation for customers and driver partners onto a mobile technology platform ensuring convenient, transparent and quick service fulfilment. Ola is committed to its mission of building mobility for a billion people. Using the Ola mobile app, users across 102 cities can book from over 275,000 cabs, 75,000 auto rickshaws, Kaali Peeli taxis and yellow taxis on its platform. The app is available on Windows, Android and iOS platforms. Ola recently acquired TaxiForSure, India's second largest cab aggregator, which continues to operate as an independent brand. 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), Practo (doctor search engine), Dailyhunt (mobile local language platform), MSwipe (mobile POS), Stayzilla (short term accommodation marketplace), LimeRoad (mobile social commerce marketplace) and Belong (recruitment + big-data platform) 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
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