April 16, 2015 / 5:26 AM / 5 years ago

India's Ola raises $400 million in funding

April 16 (Reuters) - India’s biggest online cab-hailing service Ola has raised $400 million from investors led by Russian billionaire Yuri Milner’s DST Global, the company said on Thursday.

The company had reported $314 million of this investing round in a filing to the Registrar of Companies earlier in the month.

Of the overall $400 million announced, $100 million would go towards expansion and growth of its TaxiForSure arm, Ola said in a statement. The company bought rival TaxiForSure for $200 million in March as it competes with its domestic rivals and the emerging challenge of fast-growing United States-based rival Uber.

The money will also go towards expansion of its Ola brand as it plans to nearly double its footprint to 200 cities by the end of the year, the company said.

Reporting by Nivedita Bhattacharjee in Mumbai; Editing by Sunil Nair

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