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Ola Raises $300 Million to Step Up Battle With Uber in India

Ola CEO Bhavish Aggarwal Portraits
Photographer: Namas Bhojani/Bloomberg

India’s Ola is raising $300 million from Hyundai Motor Group, giving the ride-hailing startup more capital to compete for drivers and customers against Uber Technologies Inc. just as the U.S. rival prepares for an initial public offering.

The deal values Ola at about $6 billion, 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 $4.3 billion according to CB Insights, will continue to raise funds and has term sheets from other investors, the person said. Last month, Ola announced an investment of more than $90 million from Sachin Bansal, co-founder of local e-commerce pioneer Flipkart Online Services Pvt.