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Ola raises around Rs 2,500 crore from investors

On Wednesday the app-based taxi aggregator Ola Cabs said that it has raised $400 million (about Rs 2,500 crore) from investors for expansion into the smaller cities across India.

In October it has raised $ 210 million from a group of investors led by Japan’s SoftBank. Ola said in a statement that it has raised $400 million in Series E round of funding.

“Ola has expanded to 100 cities in the current year from 10 cities a year ago and this growth has been further accelerated with the acquisition of TaxiForSure in March 2015”, it added.

“The additional investment will allow Ola to go deeper into smaller cities to build personal transportation ground-up. Ola has already seen tremendous growth in tier 2 & 3 cities owing to very limited transportation options that currently exist”, said the firm .

“There is a large opportunity waiting to be unlocked to transform the ecosystem from within”, it added.

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