Ola raises $500m

NEW DELHI: Ola, India’s biggest ride-hailing service, said on Wednesday it had raised $500 million from investors including Japan’s SoftBank Group, Baillie Gifford, Falcon Edge, Tiger Global and DST Global. Ola, which completes more than one million bookings a day, will use the funds to grow its existing services and to invest in new markets and products, the company said in a statement. Ola competes with Uber Technologies in India. The latest round of funding comes just months after San Francisco based Uber’s announcement to invest $1 billion in India as the app-based taxi-hailing market in the country heats up. Over the past few months, Ola has also introduced a bunch of services to take on Uber, including shuttle services, expanding its mobile wallet, introducing wi-fi cars to select users and running a cafe service on its app.