Business

Ratan Tata joins Ola as its newest investor

3 Jul 2015 | By Siripriya

Marking his 10th investment in the year, Ratan Tata has now invested in the online taxi booking service Ola.

Tata has taken stakes in his individual capacity and the nitty gritty of the deal has not yet been disclosed.

Ola was thrilled to be associated with Tata, whose mentorship and validation has made a name of its own in the business world.

In context: Riding its way to success: The Ola story

3 Dec 2010Fastest growing cab network across India

Ola is an online cab booking service based out of Mumbai and one of the fastest growing cab hailing firms in India.

It was founded on 3rd December 2010 by Ankit Bhati and Bhavish Aggarwal; the latter is also its current CEO.

Ola provides customers with an array of cab options like Mini, Prime and Luxury and with different modes of payment.

Jul 2014Ola gets a promising series of investments

On 21st April 2011, Ola received $3,30,000 in the initial round of funding.

The company further amassed $5 million from Tiger Global Management in Series A funding.

In Series B funding, Matrix Partners and Tiger Global invested another $20 million in the company.

Steadview Capital and Sequoia Capital gave it $41.5 million in funds in July 2014.

Ola acquires TaxiForSure

3 Mar 2015Ola acquires TaxiForSure

In a $200 million deal, Ola acquired TaxiForSure in a cash and equity arrangement. This acquisition added at least 15,000 vehicles to Ola's already staggering fleet of 100,000 vehicles.

After the merger, TaxiForSure and Ola continued to function as separate entities.

This move was seen as giving tough competition to bigger players such as Meru Cabs and Uber.

16 Apr 2015Ola raises another $400 million in funding

Ola got $400 million in its Series E round of funding, led by DST Global along with GIC, Falcon Edge Capital and others.

$100 million of this funding has been earmarked towards growth and expansion of its recently acquired TaxiForSure.

This investment will help Ola expand deeper into smaller cities and in 200 cities by the end of 2015.

3 Jul 2015Ratan Tata joins Ola as its newest investor

18 Nov 2015Ola reaches $5 billion valuation with fresh $500 million

Ola has raised $500 million in funding and is now valued at $5 billion.

Ola said that it had sealed its Series F funding round with investment from Didi Kuaidi, China's largest cab service and existing Tiger Global, SoftBank and DST Global as well.

Ola declared a 30-fold growth in the past year with almost a million booking requests every day.

26 Nov 2016Ola seeking investment at 40% lower valuation

India's Ola is gearing up to raise funds at a critically reduced valuation of approximately $3 billion.

Accepting investments at a lowered valuation known as down-round is carried out by companies which need urgent funds to support operation.

Down round can lower the morale of previous investors.

Ola will be the first unicorn to do so at 40% lower valuation than present $5 billion.

14 Apr 2017Ola raises Rs. 1,675cr from SoftBank in down round

Ola has raised Rs. 1,675cr in fresh funding from Japanese telecom giant SoftBank Corp in its down round, which was closed last December.

Ola, which commands 65% of the market share vs Uber, is reportedly raising another $100mn from Ratan Tata's RNT Capital and Falcon Edge, which could push up its valuation to $3.5bn.

Plans to introduce electric vehicles will likely boost its prospects.

Ola charted tremendous growth in 2016

According to RedSeer Management Consulting, Ola reported a four-fold increase in the number of rides in 2016 as compared to the previous year. The company witnessed 6mn rides per week on an average during September-December 2016. Its major sources of revenue are Micro and Mini.

04 May 2017Ola raises $104 million in funds

Cab aggregator Ola has raised $104 million (Rs. 670 crore) in funding from Falcon Edge and Ratan Tata's RNT Capital Advisers.

According to Ola's official filings with the Registrar of Companies, Falcon Edge contributed Rs. 402 crore, while RNT investments put in Rs. 267.9 crore.

Ola's current value could not be ascertained but media reports pegged it at $3.5 billion in Feb'17.