Ola adds $74 million to its war chest in global battle with Uber

On-demand cab booking company Ola has raised over Rs 520 crore ($74 million) from Hong Kong-based hedge fund Steadview Capital with the issuance of 2.45 lakh shares, according to the company’s latest documents filed with the Ministry of Corporate Affairs, PTI reported.

The new fundraising is part of Ola’s plan to raise around $1 billion, PTI quoted sources as saying.

Homegrown Ola has been fighting for market supremacy with US-based Uber that is currently valued at a whopping $76 billion. Ola has reportedly been mopping up capital to fund its international expansions including Australia earlier last year, the UK in August and New Zealand in November late last year where Uber is already in dominating market position.

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