Fri. Mar 29th, 2024

Korean car manufacturer Hyundai might invest ₹1,752 crore in the Bhavish Aggarwal led ride hailing company Ola to buy 4% stake. As per some media reports, the deal for 4% stake is almost final and can conclude in the next week.

Ola has been aiming to raise capital from last few months and is eyeing to raise $400-500 million to achieve a valuation of $6 billion in the latest round of funding.

Earlier, Flipkart‘s co-founder Sachin Bansal and Hong Kong-based hedge fund Steadview Capital have already pledged for investment in the Indian ride-hailing service. Mirae Asset-Naver Asia Growth Fund is also considering over an investment plan in Ola cabs.

The new series of investment is going to even out the power scales that as of now is heavily in favour of softbank and is likely to protect the rights of co-founder Bhavish Aggarwal and Ankit Bhati.

Worth mentioning here is earlier, Mahindra and Mahindra, and Ford have infused money in car-rental firm Zoomcar over multiple rounds. Currently, Ola is the market leader in the ride hailing or cab business of India.

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