Ola cabs, which is an app based cab hire business entity is expanding very fast in the Indian travel market. In a fresh round of funding the company is learned to raise $500 million to fuel further expansion.
Ola cabs already have an edge over its competing Uber, primarily because of its core operations mainly concentrated in India. Uber on the other hand have more of a global presence is yet to set firm foot in the cab hire industry in India.
In a recent development, the company last week announced that it will be spending $754 million to lease cars to its drivers.
The recent funding news however, is not made official, but came from sources close to the company who do not wish to be named. Ola cabs management is yet to comment on the story.
In April, the company also received a funding of $400 million from from GIC, Falcon Edge Capital and SoftBank Group, Tiger Global, Steadview Capital and Accel Partners US.
With its presence in almost all major cities in the country, Ola cabs already is a market leader in this segment in India, and growing rapidly.