India’s online taxi firm Ola has raised fresh funding of Rs 1,675 crore from existing investor Japanese telecom and internet major SoftBank Corp.
This investment has been completed through SoftBank’s subsidiary SIMI Pacific Pte Ltd in Ola’s parent company ANI Technologies last year.
This funding is lower than its previous round of funding owing to its lower valuation. Ola is in the process of raising another $100 million from Ratan Tata’s RNT Capital and Falcon Edge.
This deal can raise Ola’s value to $3.5 billion, reported The Economic Times. Ola claims to have more than 70% of share of the taxi app market in the country clocking an average 1 million rides per day.
Ola’s plan to work closely with the government and introduce electric vehicles in the top cities in the country in the next three months is expected to boost prospects for the company.