In April 2015, OlaCabs had raised $315M in funding led by DST Global.
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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.
ANI Techonologies, which operates Ola Cabs, India’s largest ride-hailing app services provider, is close to announcing a new blockbuster round of funding as it moves to defend its turf against Uber Technologies.
When contacted, an Ola spokesperson said the company does not comment on market speculations.
Uber now needs to reapply for permission under the Delhi government’s new City Taxi regulations, according to the Times of India.
Ola competes with Uber in India and claims to clock more than 750,000 trips a day and expects to hit 1 million, while Uber averages about 200,000 trips a day in India, as per the report. Thereafter, the company had urged the government to reconsider its decision.
But once it created the basic infrastructure to support the demand for personalised transport services it ignited, Meru failed to spot or capture the strong customer need for on-demand cab services within cities (of course, the ubiquity of smartphones made this possible). According to government, Uber’s application was rejected for “not complying” with its existing ban order and “not filing” undertaking stating that they are following all laid-down rules.
What this means is that if there were any danger to the passenger on account of the ride, the driver or any other factors, Uber will not be answerable for it. What’s more, if you don’t agree with these conditions, you will be barred from using Uber’s services.
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Under the programme, drivers can lease a auto for a minimal initial deposit of Rs 35,000 and monthly lease payments (of about Rs 15,000) with an option to own the vehicle after a period of three years. Bhavish Aggarwal, Co-founder & CEO, Ola said, “We believe that this first of its kind leasing program brings a unique benefit to driver partners to turn entrepreneurs”. It is also expanding its mobile wallet, Ola Money, by offering it to other ecommerce platforms such as OYO Rooms, Lenskart and Saavn.
