Taxi-hailing service, Ola has secured a fresh funding of Rs 1,478 crore from New York based Falcon Edge Capital. Earlier this year, Ola had raised approximately $400 million from investors led by Russian billionaire Yuri Milner‘s DST Global.
With this funding, the company will now be valued at around $5 billion.
Ola faces some serious competition with Uber in India. Uber had raised $1 billion in India to expand its services in the country.
Ola also offers recently launched Mobile wallet service Ola Money. Ola had earlier extended its footsteps in Food Delivery Service(Ola Cafe) and HyperLocal Delivery Service(Ola Store). The company had also acquired TaxiforSure, a similar radio cab booking service, recently.
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