Cab-hailing firm Ola, operated by ANI Technologies Pvt. Ltd, has raised about $50 million (Rs 322 crore) from New York-based hedge fund Tekne Capital Management LLC, as part of the company’s ongoing funding round, reported ET. Tekne Capital is a hedge fund founded by Beeneet Kothari, a former portfolio manager at PointState.

Two people familiar with the development saying that the latest round of funding will push Ola’s valuation to about $3.65 billion from $3.5 billion in February. In August 2015, the company was valued at $4.8 billion.

According to other media reports, Ola is also talking to several other investors, including Coatue Management LLC, for raising more funds in this round.

Last month, the Bangalore-based company had raised Rs 670 crore in a fresh round of funding from Ratan Tata’s venture fund RNT Capital Advisers LLP and US hedge fund Falcon Edge Capital LP.

Founded by Bhavish Aggarwal and Ankit Bhati in 2010, Ola is backed by marquee investors including SoftBank, Tiger Global and Matrix Partners.

Ola allows users across 102 cities to book from over 5,00,000 vehicles across cabs, auto-rickshaws and taxis. The aggregator also provides shared mobility services on its platforms like Ola Shuttle and Ola Share for commute and ride-sharing respectively.

The funding comes at a time when Ola’s arch rival, Uber has been facing a host of issues. Besides, Uber’s board of directors has also been asking CEO Travis Kalanick to step aside temporarily.

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