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Indian Cab-Hailing Firm Ola Is Raising Over $500M At A Valuation Of Around $5B

It looks like yet more fuel is about to get poured on the already-hot transportation app market in Asia. India’s Ola is raising $500 million+, at a valuation that we’ve heard is around the $5 billion mark, with $225 million committed so far. The news comes as the company — which competes in its home market against the likes of Uber and Indian startup Meru — continues to expand into more cities, and more products. Today, Ola launched a new car leasing service for drivers on its network; last week it expanded to shuttle services for commuters.1-3 The raise is due to be finalised in the next week or two and announced officially then, sources tell TechCrunch. As it is still in progress, the final amount and final valuation may also change. This funding, a Series F, has been rumored for some time now, with the first reports surfacing just after Ola announced its last raise of $400 million in April of this year. That round, a Series E, valued the company at $2.5 billion.1-1Indian publication DealStreetAsia reported earlier today that Ola had filed documents with India’s Registrar of Companies. These confirmed Ola had already secured $225 million of this latest round. The documents reveal Falcon Edge Capital as the lead investor, with Tiger Global Management, Softbank Corp., Hong Kong’s Steadview Capital, Pittsburgh’s ABG Capital and the FII LTR Focus Fund — all previous investors — also involved in this round. New investors include JS Capital (M) Ltd, Parkwood Bespin, and Daniel E. Neary.

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