Indian ride-hailing giant Ola has reportedly raised $50 million from new Chinese investors. The latest funding round values the SoftBank-backed Uber rival at $4.3 billion, according to reports.
The investment was secured from Sailing Capital in Hong Kong and the China-Eurasian Economic Cooperation Fund (CEECF), a state-backed investment fund of China. The pair will now hold a combined stake of approximately 1.17% in the company.
Ola’s last funding announcement was in October 2017, when it raised $1.1 billion from China’s Tencent and existing backer SoftBank. At the time, it said it planned to raise an additional $1 billion from other investors.
The latest investment comes as Ola announces its planned expansion into New Zealand, outlining its intention to launch services in Auckland, Christchurch and Wellington. The move would follow its expansion into Australia earlier this year and the UK last month.
CEO Bhavish Aggarwal said:
“We see a real opportunity in New Zealand to provide a fair alternative in the rideshare space for both customers and drivers. We invested in understanding the New Zealand customer and devised the right strategy to meet their transport needs.”
Ola did not comment on the $50 million funding.