This funding is part of Mumbai-based Ola’s over US$500 million fresh investment round, expected to be closed shortly, according to the report.
Other existing investors including Tiger Global and SoftBank also participated. This funding will give Ola the war-chest to take on Uber, the largest VC-funded taxi booking app in the world, which has operations not only in India but also across various other markets in the world.
As per filing with the Registrar of Companies (India), Falcon Edge invested approximately US$77.6 million, while Tiger Global and SoftBank infused US$59.8 million and US$57.9 million, respectively.
In April this year, Ola raised US$400 million in its Series E round of funding led by DST Global, with participation from GIC, Falcon Edge, SoftBank, Tiger Global, Steadview Capital and Accel Partners (US).
The startup is one of the largest local taxi and auto rickshaw aggregators in India, which recently announced a new shuttle service. The company told e27 that it is planning to invest US$50 million in the new shuttle service and launch it on September 21, starting with Gurgaon and Bangalore.
It recently acquired TaxiForSure, another leading taxi booking app company in India.
We have contacted Ola for more details, and will update the story as we hear from them.