Taxi-hailing app Ola is in advanced talks with existing investors to raise Rs 3,150 crore ($500 million), according to at least three people directly familiar with the negotiations.
Ola, which is based in Bengaluru, declined to comment for this report. In April, the SoftBank-backed company raised money from new investors including Russian billionaire Yuri Milner's DST Global, Singapore's GIC and New Yorkbased hedge fund Falcon Edge.
In May, ET reported that five year-old Ola — founded by IIT Bombay graduates Bhavish Aggarwal and Ankit Bhati — is aiming for gross revenue of $1 billion by the end of 2015.