Ola, India’s biggest ride hailing company, has raised a sum of $250 million which is almost Rs 1675 from the capitalist SoftBank, Japanese Telecom and internet major corp. SIMI Pacific Pte Ltd, a SoftBank subsidiary, has invested in ANI technology, parent company of Ola.
This Funding round is termed as Down round
This financing round is alleged as ‘down round’ because it has raised a capital at lower valuation than last funding round. Though the funding round has been closed one year ago still no one ever declared it formally.
Ola has taken over Uber
In November, 2016, it has been revealed that Ola was raising a sum of $250-300 million from Softbank. In this round of funding the company’s valuation estimated at $3 billion. Valuation of Ola has been increasing consistently since it has taken over its San Fransisco-based opponent Uber, suffering with inner flaw of regulation and management especially in its home market.
Ola lead taxi market by 65%
As I already told you that last month Ola has raised $100 million from RNT capital led by Ratan Tata and Falcon edge and it has been already clearly revealed that valuation goes up to$3.5 billion. According to industrial estimate, Ola is leading the taxi market with around 65% holding which is followed by its rival Uber.
Number of ride keeps on increasing
As per a report presented by Research and advisory firm Red seer, number of rides of both Ola and Uber collectively increased by almost four-fold in year 2016 in comparison of previous year.
Ola has almost 6Mn rides per week
As experts as well as employees of Ola, company collected an average of 6 million rides per week for the duration of September to December of 2016 through all of its offerings like auto, cabs, shuttle buses, rickshaws, etc. Major part of its revenues, almost 70-75%, is collected from the economy services like Ola Mini, Micro, and UberGo.
Ola to launch electric vehicles
Ola is expected to launch electric vehicles in major cities of India as a part of a project with the government. This move is expected to help strengthen it’s reputation and build future prospects.