Uber rival and India’s home grown cab hailing service, Ola, is raising $100 million (INR 6.5 billion) from RNT Capital Advisers (RNT) and Falcon Edge Capital (Falcon), according to a report by Economic Times.
RNT, a venture fund of Tata Sons, is expected to pitch in $60 million. The report said that Ola was also in talks with other investors to raise another $200 million.
The Indian cab aggregator, had received funding of $350 million from Softbank and two other investors.
Till date, the Bhavish Aggarwal-led company has raised a total of $1.56 billion in nine rounds from 20 investors like investors like Softbank Capital, Tiger Global Management, DST Global, Accel Partners, Steadview Capital, Vanguard, Baillie Gifford and Sequoia Capital.
Prior to the $350 million funding in February, Japan’s Softbank had announced that it recorded a $350 million loss on its investments in two Indian companies — ANI Technologies, which operates Ola, and Jasper Infotech, which owns and operates online marketplace Snapdeal.
According to the Economic Times report, industry estimates place the market share for the ride-hailing company at around 65% with Uber holding the second slot in the taxi aggregation business.