The company will be launching newer categories and taking some of its existing categories into the 100 cities where it is currently present.
India's largest cab aggregator Ola Cabs is speeding on the growth highway. After raising USD 210 million in October and acquiring rival Taxi-For-Sure last month, the Bangalore-based company has now raised USD 400 million in series 'E' funding from new and existing investors. CNBC-TV18's Farah Bookwala Vhora caught up with Ola Cabs' co-founder and CEO Bhavish Aggarwal to understand how the latest shot in the arm will aid the company's ambitious plans.
Below is verbatim transcript of the interview:
Q: Can you share the details related to your latest funding?
A: Today, we are announcing a USD 410 million series E fund raise led by DST Global which is Yuri Milner's firm and also GIC which is Singapore's sovereign wealth fund which participated along with Falcon Edge. These are the three new investors and SoftBank and Steadview and Tiger Global and Accel US have participated from our existing investor base.
Q: Where does this value the company today because last time around when you raised about USD 200 million, there were talks about you being valued at USD 1 billion plus at that point?
A: We do not share valuations publicly. We raised our last round in October, USD 210 million from Softbank and since then we have seen huge amount of growth. We have seen multiple levels of growth and the valuation is also inline with that growth.
Q: Where will you utilise this latest round of funding that you have been able to raise, where are you going to allocate these funds?
A: Predominantly two areas. One is into deepening our reach across the country and also going deeper into existing cities. Right now we are in 100 cities; we aim to be in 200 cities by the end of this year.
We will be launching newer categories and taking some of our existing categories into the existing 100 cities also like auto rickshaws will be expanding aggressively. Secondly, on technology we will be investing very deeply in increasing our engineering strength and Bangalore is where we have our engineering centre, we will be investing a lot in that.
Q: Is there any intention to list Ola Cabs, any time in the future either in India or overseas?
A: Right now we are focused on growth. We are still very early in our life cycle. We are a four year old company and are growing very fast, there is a lot of opportunity to grow into and that is our focus right now. At the right time listing will make sense, it is not in our immediate agenda.
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