OLA Cabs commonly known as OLA, is a mobile app for personal transportation in India. It was founded in 2010 by BhavishAggarwal and AnkitBhati. The company operates through an online market place where it provides different types of cab service for people ranging from economic class to luxury travel. These cabs can be reserved by the people through a web browser or a mobile app. The payments for the cab services are either through cash or cashless payment with OLA money. The company receives an average of more than 150,000 bookings per day and holds 60 percent of the market share in India. The company has expanded it services and holds a network of more than 200,000 cars across 85 cities. OLA’s main competitor in India is Uber who claims to have more than 750,000 trips a day.
OLA Cabs has raised its capital from through venture capitalist firms. It raised $330k in its initial round of funding. The company received $5 million in its Series A funding from Tiger Global Management. It raised of USD 20 million from Matrix Partners and Tiger Global as Series B funding. In Series C funding the company raised $41.5 million from Stead view Capital and Sequoia Capital and its existing investors. It also went for a Series D round of funding in 2014 and raised $210 million from Softbank Internet and Media Inc. who are the present investors of OLA.
Recently OLA has raised about R1, 478 Cr ($222. 5 Mn) in its fresh round of funding which was led by Falcon Edge Capital a New York-based hedge fund. With this latest raising the total capital raised by OLA cabs becomes $900 Million. This round comes after OLA which has closed a $400 million from an investor consortium led by the Russian billionaire Yuri Milner’s investment firm DST Global. The latest round accounts to OLA’s previous announcement in which they proposed to raise $500 Mn increase the value of the company to around $4.5 Bn.
