Ola, an India-based taxi-hailing app, raised $500 million which it intends to use “to further accelerate its growth in the Indian market with a focus on building mobility for a billion people.”
Ola wants to “nurture the ecosystem for its driver-entrepreneurs and to enable more drivers to grow as entrepreneurs themselves,” it said in a statement.
The company has grown by more than 30 times in the last year, it claims, with more than one million booking requests a day. It has more than 350,000 vehicles registered on its platform, including cabs and rickshaws, in 102 cities.
Bhavish Aggarwal, co-founder and CEO, said the company is looking for partners who will help it achieve its aims, as it “continues to build for the local market through innovative solutions like Ola Share, Ola Prime and Ola Money”.
Founded in 2011, Ola has raised more than $1.3 billion in external funding overall, with more than $1.2 billion over the past year.
Among partners in the most recent round, its Series F, were SoftBank and Didi Kuaidi.
The app is available on Windows, Android and iOS platforms.
Ola recently acquired TaxiForSure, a cab aggregator, which continues to operate as an independent brand.