BANGALORE: India’s Ola is raising US$300mil from Hyundai Motor Group, giving the ride-hailing startup more capital to compete for drivers and customers against Uber Technologies Inc just as the US rival prepares for an initial public offering.
The deal values Ola at about US$6bil, said a person familiar with the matter, asking not to be named because the figures are private. The Bangalore-based company, which had been valued at US$4.3bil according to CB Insights, would continue to raise funds and has term sheets from other investors, the person said.
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