AAA Ola takes extra series J fare

Ola takes extra series J fare

Ola, the India-based ride hailing service that counts corporates Tencent, SoftBank and Didi Chuxing as investors, has received Rs1.1bn ($15.3m) in series J funding, the Economic Times has reported.

Lyon Assets and J3T Ventures joined private investors Raymond Cahnman, Tina Price and Steven Price to provide the funding as part of an ongoing round that values the company at about $5.7bn.

The latest cash will be added to $50m invested by Sailing Capital and China-Eurasian Economic Cooperation Fund in September 2018, $74m from Steadview Capital last month and $21m from Sachin Bansal, founder of e-commerce platform Flipkart, a week later.

Founded as OlaCabs, Ola operates an app-based ride hailing platform that is the market leader in India, and which has expanded into the UK, Australia and New Zealand. It has amassed about $2.5bn in funding to date.

Ola’s earlier funding included a $1.1bn round led by internet group Tencent in 2017 that featured telecommunications firm SoftBank, Falcon Edge Capital, RNT Capital Advisors and Tekne Capital Management.

On-demand ride provider Didi Chuxing invested as part of a $500m series F round in 2015 that included SoftBank, Baillie Gifford, Falcon Edge, Tiger Global Management and DST Global.

Accel, Baillie Gifford, Matrix Partners, Sequoia Capital, JS Capital, Parkwood Bespin, ABG Capital, Fii Ltr Focus Fund and Vanguard Group are also among the company’s earlier investors.

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