Ola gets $300 million investment from Hyundai, Kia; raises competition for Uber
18 March 2019 6:30 PM GMT
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.
- 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.
- Last month, Ola announced an investment of more than $90 million from Sachin Bansal, co-founder of local e-commerce pioneer Flipkart Online Services Pvt.
- 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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