India's Biggest Online Cab Service Ola Raises about $314 Million

Bangalore: Mumbai-based ANI Technologies Pvt. Ltd., which runs online cab booking service Ola, raises about $314 million in a fresh funding round from investors led by Russian billionaire Yuri Milner investment fund, DST Global ($206 million).

Private equity investors including Tiger Global ($40.7 million), Accel Partners ($5 million), Steadview Capital ($10.5 million), ABG Capital and Mauritius Investments also participated in the round of funding. The company had raised $210 million from Japan’s Softbank Corp in October 2014 and acquired its competitor TaxiForSure for $200 million, last month.

Founded by Bhavish Aggarwal and Ankit Bhati in 2011, the India’s biggest online cab service, Ola functions as a marketplace for taxi rental. Today, the company is investing in technology, customers' safety features and mobile app service which allow customers to order food (from Ola Cafe) and delivery services from selected Indian cities in order to expand its network. Ola today, directly competes with multinational Uber, which is broadening its India footprint.

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