Ola raises about $314 million in fresh funding

Ola raises about $314 million in fresh funding

India’s biggest online cab-hailing service Ola has raised about $314 million in a fresh funding round from investors led by Russian billionaire Yuri Milner‘s DST Global, a company filing showed.According to a regulatory filing for ANI Technologies–the holding company for Ola–the funding round also saw the participation of Accel Partners, Tiger Global and Steadview Capital as of March 31.

However, two sources directly familiar with the matter clarified that the round was not yet closed and more cash is expected to be invested in the next one month. Ola declined to share specifics.

Private equity investors including Accel Partners, Tiger Global and Steadview Capital also invested in ANI Technologies Pvt Ltd, the owner of Ola, in the latest funding round, the filing dated April 2 to the Registrar of Companies showed.

In October, Ola had raised $210 million from Japan’s SoftBank Corp which did not participate in this round.

Last month, Ola bought rival TaxiForSure for $200 million in one of India’s biggest e-commerce deals as it looks to see off fast-growing United States-based rival Uber.

Ola is investing in technology, better safety features as well as new offerings as it expands its network.

Besides letting customers hail taxis as well autorickshaws, the cheaper three-wheeled taxis that ply on India’s roads, Ola’s mobile app also allows customers to order food in some localities.

In December, Ola had raised $210 million from Japan’s SoftBank Corp and existing investors including Tiger Global, Matrix Partners and Steadview Capital. The competition and fund flow in the taxi aggregation space is heating up with each player trying to cement its dominance.