In brief: Ola banks an extra $50m from Chinese investors

India’s largest cab-hailing service Ola has raised US$50 million at a valuation of roughly US$4.3 billion from Hong Kong-based Sailing Capital and China-Eurasian Economic Cooperation Fund (CEECF), as part of the Softbank-backed startup’s broader move to raise fresh funds of at least US$1 billion.

According to regulatory documents filed with the Indian Ministry of Corporate Affairs, Sailing and Chinese state-backed investment fund CEECF will jointly hold a stake of over 1 percent in Ola, implying that the latter’s valuation has inched up since its previous round of fundraising.

Source: Mint

The Bangalore-based ride-hailing firm is reported to be in the midst of negotiating about US$1 billion in fresh funding. It raised as much as US$2 billion last October from investors including Japan’s Softbank, China’s Tencent, and UC-RNT Fund, an investment vehicle backed by Mumbai tycoon Ratan Tata and the University of California.