Ola Cabs, India’s homegrown taxi aggregator, has raised ₹300 crores from Tekne Capital Management. TCM is a hedge fund based out of New York. The latest round also saw participation from Ratan Tata‘s RNT Capital and Falcon Edge, another hedge fund based out of the United States. The leading cab aggregator company continues to be in talks with investors to further raise funds in the ongoing round, one of the investors, which Ola is in discussions with, includes Coatue Management. The latest round has taken place at a valuation of ₹23,485 crores ($3.65 Billion).
In 2015, Ola was valued at ₹29,000 crores, however, the recent finding by Softbank in November last year valued the company at a much lesser point of ₹19,300 crores ($3 Billion). Since then, the company has again started to gain momentum and its marketshare. It is currently the leading service provider in the country, ahead of Uber.
According to recent reports, Ola holds 65% of the marketshare currently. It is working closely with the government agencies and is planning to launch electric vehicles in tier-2 cities like Nagpur. Experts believe that the move can give added advantage to the company in its competition with Uber. We tried reaching out to Ola in this regard, however, there was no response till the time this report was published.
The series of positive updates for Ola come at a time when the rival. Uber is struggling with a lot of internal issues. The top leadership of Uber at its headquarters is shaken completely and the company is already struggling with various other issues, including a patent lawsuit filed by Google’s parent company, Alphabet.