Ola Fleet Technologies
Founders: Bhavish Aggarwal, Ankit Bhati
Ola Fleet Technologies, the cab leasing arm of Ola Cabs, has raised USD 7.7 million from ANI Technologies Pvt. Ltd, its parent company. The cab leasing outfit, as part of this round of fundraising, issued 50 million equity shares priced at USD .15 each.
This news comes just a couple weeks after Ola confirmed that it had received USD 1.1 billion in fundraising from Tencent and Softbank, among others, and only three months after Ola invested another USD 15.5 million in Ola Fleet Technologies.
Ola is allegedly in talks with investors to raise an additional USD 1 billion for this round of financing.
Ola Fleet Technologies, formerly known as Gcabs-Apra Cabs India Pvt. Ltd., was purchased by ANI Technologies in early 2015.
ANI Technologies was founded in 2010 by Bhavish Aggarwal and Ankit Bhati. Aggarwal, an Indian entrepreneur who studied computer science and engineering at Indian Institute of Technology Bombay, worked at Microsoft for two years before leaving to found Ola. He now serves as the company’s CEO. Bhati, Ola’s CTO, also attended IIT Bombay, and worked at a few startups before joining forces with Aggarwal.
Ola is the largest Indian ridesharing app and has been valued at USD 5 billion. Ola Fleet Technologies is Ola’s cab leasing service, and its goal is to allow drivers to borrow taxis at low interest rates. CEO Shalabh Seth is tasked with increasing the supply of these vehicles through leasing and other initiatives in order to ensure that Ola stays at the top of Indian ride-sharing.
Ola’s main rival in India’s ride hailing market is Uber.
(Top photo from olacabs.com)