Indian home-grown ridesharing app company Ola Cabs is all set to get between $400 million and $500 million Russian billionaire Yuri Milner’s investment fund DST Global. Ola is in advance talk stage for getting this whopping investment which could make Ola to be valued at $2.5 billion.
The funding speculation comes on the back of Ola’s acquisition of TaxiForSure, making the combined entity the largest tech-backed cab aggregator service in the country.
The final terms of the financing deal are currently being negotiated, as per reports. The latest round of fund-raise for Ola puts it right up in the league of the most valuable internet firms in India.
In May 2014, DST Global invested $200 million in Flipkart. DST Global has already made investments in China’s largest cab-hailing app company KuaiDi Dache, which is backed by Alibaba Group Holding Ltd. and Japan’s SoftBank Corp.
E-Commerce giant Flipkart is currently valued at over $11 billion while Snapdeal valued at $2-billion post investment of SoftBank Corp. Ola’s $210-million fund-raise, led by Japan’s SoftBank Corp in October last year, valued it at around $650 million (pre-investment).
DST Global, Milner is an investor in Facebook, Zynga, Twitter, Flipkart, Spotify, ZocDoc, Groupon, 360Buy.com, Planet Labs, and Alibaba.