India's biggest taxi app Ola has raised $400 million from new and existing investors, and has earmarked $100 million to grow its recently acquired TaxiForSure business.
The Series E funding was led by DST Global, the investment firm run by Russian entrepreneur Yuri Milner.
GIC and Falcon Edge Capital are also investing in Ola for the first time, while SoftBank Group, Tiger Global, Steadview Capital and Accel Partners US are strengthening their existing positions in the business.
The business is a case study in the growth of the personal transportation app business. A year ago Ola Cabs (as it was known then) operated in 10 cities in India - twelve months later it has a presence in 100 cities and is even beta-testing a food-delivery business in four cities.
And it wants to add another 100 cities over the next twelve months.
Another interesting part of its growth strategy is a deal it has with the State Bank of India which helps Ola drivers pay for their car. Ola expects to make this available to 100,000 new drivers over the next two years.
In March it strengthened its market-leading position by splashing out $200 million on TaxiForSure, India's second-biggest taxi aggregator. It will continue to operate both brands.
The Series E funding brings the total raised by Ola Cabs to more than $670 million. It raised $210m Series D in October 2014; $42 million in Series C in July 2014; an (unconfirmed) $20 million Series B in November 2013 and an unconfirmed $5 million Series A in April 2012.
Ola's latest round, to say nothing of the involvement of A-list investor Milner, shows that the Indian taxi app aggregation business model shows no sign of slowing down.
The question is, where does this leave Uber in India? After a series of controversies in the country it has been relatively quiet, although in March it confirmed a "strategic partnership" with Times Internet.
Taxi app aggregation is also big news for Indian business, tech and mainstream news outlets. The latest rumour surrounding Uber is that is planning to abandon its usual management structure and appoint a dedicated CEO to run its Indian operations. Usually Uber operates on a city-by-city basis.