In a bid to infuse an additional $1billion to the $1.1 billion raised back in the previous year, Ola, a cab renting business announced that it has already held discussions with several investors.
Earlier in the week, as published in a report, an existing investor of Ola, Steadview of Hong Kong is all set to invest $100 million, similar to Flipkart’s Sachin Bansal.
As per reports, provided this investment goes through, it will give Ola a valuation of well over $5.5 billion.
In recent times, Ola has been trying to enter several Asian markets like Australia and Malaysia, while also making heavy investments in the Food delivery business, Foodpanda.
Significantly, in addition to the $100 million raised through Steadview, Ola has also raised another block of $50 million from two Chinese entities, China Eurasian Economic Cooperation Fund, and Sailing Capital, as per reports.
According to Ola, its core business of cab-aggregation has still not reached a stage of being entirely profitable, however, the company believes that it will reach that stage very soon.
As per reports, the cab-share riding business has been on the decline in recent times, which could possibly be the reason as to why the company has invested heavily in Foodpanda, a food delivery service.