Ola raises Rs 520 crore from HK-based hedge fund Steadview Capital

The new funding is expected to help the Bhavish Aggarwal-led company to intensify its battle with global rival Uber in the Indian market

Ride-hailing company Ola has raised Rs 520.79 crore ($74 million) in a funding round from Hong Kong-based hedge fund Steadview Capital, an existing investor in the Bengaluru-based company. 

This raises Ola’s valuation to $5.74 billion from $4.45 billion in October 2017, sources said. A marked increase as compared to an estimated valuation of close to $4.4 billion when it raised the earlier large round from Chinese internet giant Tencent, in October 2017. Sources said the new funding is formally part of that same latter round, when the company had raised $1.1 billion led by Tencent, with participation from Japan’s SoftBank