After raising an undisclosed amount from Ratan Tata in July, Mumbai-based cab service provider Ola Cabs has now raised $225 million in a fresh round round of funding.
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This comes after Livemint unearthed a few recent filings by Ola in the registrar Of Companies.
The latest funding is led by existing investor Falcon Edge Capital.
Taxi aggregator Ola is in talks with investors to raise over Dollars 500 million (about Rs 3,320 crore) to drive growth across smaller cities and compete head-on with rivals like US-based Uber and home-grown Meru. Ltd., the parent company that runs Ola, would have raised a massive $900 Million in totality.
Ola has also been steadily investing across various programmes to grow the driver partner ecosystem. There are some new investors also onboard like Mauritius-based JS Capital (M) Ltd and Parkwood Bespin, and Singapore-based Daniel E Neary. The three together contributed Rs.131.2 crore. 4,519 crores), Paytm at $585 million (roughly Rs.
The Indian firm has previously said it clocks more than 750,000 trips a day and expects to hit the one million milestone soon.
Uber will also allow owners of vehicles equipped with ramps or wheelchair lifts to provide on-demand rides through its app. They’ll have to go though a more extensive vehicle inspection for Americans with Disabilities Act compliance and several hours of online and in-person training. Its latest game plan includes becoming a one-stop transportation solutions provider. In addition, it is exploring ancillary revenue channels.
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Besides, Ola is entering new areas such as logistics, food and grocery delivery. It is also expanding its mobile wallet, Ola Money, by offering it to other ecommerce platforms such as OYO Rooms, Lenskart and Saavn.
