A person familiar with this matter has confirmed to media that Ola is raising $600 million from new and existing investors. The 6 year old Ola is valued at $5 Billion, while it is taking aggressive competitive actions to taken down its US based competitor Uber. Uber is valuated at $69 Billion.
No comments have been received regarding this news from Ola or their biggest investor Soft Bank. These talks are private and we are not sure when Ola will receive their funding. The funds however would be used to recruit more drivers across India and improve quality of service.
Ola has recently tied up with BMW to launch Ola Lux, a luxury segment taxi service. They recently launched Ola Select that allows their customers get a cab within minutes and no surge pricing. Apart from these initiatives Ola has tied up with Maruthi and Suzuki Motors to provide their drivers cars with cars at various leasing options. Read More News on Ola.
On the other hand Uber has much deeper pockets thanks to the selling of their loss making business in China. In terms of the ride sharing model, in Hyderabad Ola share is a better option than Uber share. Thanks to flexible leasing option, Ola is having newer cabs like Uber. Ola is slowly regaining their market share and with this new funding they can become people’s favorite cab aggregator. Read more startup news.
Want to be a guest author? Register Here to share your business knowledge with our readers.