Ola buckles up for a battle with Uber India, raises $300 million from Hyundai
19 March 2019 12:14 AM GMT
Ola's latest investment is aimed at developing electric vehicles and charging infrastructure for the Indian market.
- Ola is raising $300 million from Hyundai Motor Group, giving the ride-hailing startup more capital to compete for drivers and customers against Uber Technologies Inc. just as the U.S. rival prepares for an initial public offering.
- The deal values Ola at about $6 billion, said a person familiar with the matter, asking not to be named because the figures are private.
- The Bangalore-based company, which had been valued at $4.3 billion according to CB Insights, will continue to raise funds and has term sheets from other investors, the person said.
- Ola, founded in 2011 by Aggarwal and fellow founder Ankit Bhati, said it aims to create two million job opportunities in its ecosystem by 2022.
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