Uber’s Rival Ola Raises $500 Millions in Funding
One of the rivals of Uber, Ola has raises $500 millions in funding. It is one of the leading ride sharing apps in India. The F round Series valued the company with 5 billion, led by investors Baillie Gifford and few backers. It got inputs from China based Didi Kuaidi.
Ola that raises $1.4 billion from investors says that the company will use this new investment in the growth of the firm in India. It claims that its app is getting millions of booking request and the app is operating in more than 102 cities in India. Uber adds $1 billions of its capital for its India based business and it is taking lakhs of rides per day across 22 cities.
The company claims that its usage is expanding to three times more than its usage for the past years and the company has 350,000 vehicles including regular taxis, rickshaws and so on.
The company is interested to join with a better partner who can help them to bring out the business as its mission is to help in the mobility of billions of people.
According to a statement of the company, it tries to improve its local market through the apps Ola prime, Ola share and Old money.
The company allows cash payments while Uber just started to offer this service in India. The offer for this new funding comes few weeks after the firm introduces Ola money, a standalone app for payment services.