India's Ride-hailing Leader Ola Receives $315m in Funding Round

Tim Maytom

ola comboOla, India's leading ride-hailing and ride-sharing app, has received another injection of cash in a funding round led by DST Global, the venture capital firm of Russian entrepreneur Yuri Milner.

The latest funding round, which has invested $315m (£212m) in the taxi app, has yet to be officially announced by Ola, but was discovered in filings with the Ministry of Corporate Affairs' Registrat of Companies by research firm Tofler.

The investment brings Ola's total funding to date to around $592m, more than doubling where it stood with its previous round of $210m led by SoftBank. That round took Ola's valuation over $1bn, but until the details of the new deal are disclosed, it's current value will not be clear.

Ola recently acquired its closest rival, TaxiForSure, and has plans to expand from operations in 80 cities, as it currently does, to 200 by the end of the year, significantly expanding its presence in the growing ride-hailing market in India.

The company is also expanding into digital wallets, with a service called Ola Money used to pay for rides, and has launched logistics services like Ola Cafe, which promises 20 minute food delivery to customers in Delhi, Mumbai, Bangalore and Hyderabad.

Beyond expansion, the company is also engaged in a price war with Uber's Indian operations, with both firms offering free rides and low fares in an effort to secure customer loyalty and attract new users.