Indian ride-hailing service Ola has reportedly secured $50m in funding, valuing the company at around $4.3bn. The funding comes from a group of investors led by SoftBank Group Corp and Japan’s Rakuten Holdings, which are both major players in India’s fast-growing mobile payments market. Ola secured $1.1bn from Tencent, Softbank and other US-based investors, and Uber's rival is eyeing further investment of at least $1bn, with more funding expected to be announced in the coming months. The news comes as the company announced it will launch in New Zealand, having already introduced the service to Australia and the UK.
Indian ride-hailing service Ola has reportedly secured $50m in funding, valuing the company at around $4.3bn. The investment was led by Hong Kong-based private equity firm Sailing Capital, and the China-Eurasian Economic Cooperation Fund, who together will hold a stake of over 1% in the firm. Ola secured $1.1bn from Tencent, Softbank and other US-based investors, and Uber's rival is eyeing further investment of at least $1bn, with more funding expected to be announced in the coming months. The news comes as the company announced it will launch in New Zealand, having already introduced the service to Australia and the UK.