New Delhi : Taxi aggregator Ola is in talks with investors to raise over $500 million (about Rs 3,320 crore) to drive growth across smaller cities and compete head-on with rivals like US-based Uber and home-grown Meru. In April this year, Ola had raised $400 million (about Rs 2,500 crore) from a clutch of investors led by DST Global. Sources said the Bengaluru-based firm is looking at raising upwards of $500 million in a series F round, which will value Ola at about $5 billion.
An announcement is likely in the next few weeks. According to reports, Ola has already secured $250 million funding from Falcon Edge Capital, Tiger Global, Softbank and others. Ola’s rival Uber had recently announced an investment of $1 billion as the demand for app-based taxi-hailing services picks up in the country.
