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Hyundai Motors may invest Rs 1,752 crore in Ola, says report

Hyundai Motors may invest Rs 1,752 crore in Ola, says report

Hyundai Motors may invest Rs 1,752 crore in Ola, says report
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By CNBC-TV18 Mar 8, 2019 8:22:38 AM IST (Updated)

Auto major Hyundai is likely to invest as much as $250 million (about Rs 1,752 crore) in cab aggregator Ola, which will push up the company's valuation to more than $6 billion, The Times of India reported.

Auto major Hyundai is likely to invest as much as $250 million (about Rs 1,752 crore) in cab aggregator Ola, which will push up the company's valuation to more than $6 billion, The Times of India reported.

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The deal, which is in advanced stages, will be the first major investment by a top auto firm in one of the country's largest ride-hailing service, the newspaper said.
The details and the investment size is yet to be finalised and the transaction may close in the next few weeks, three sources familiar with the development told The Times of India.
The investment will come as part of the ongoing funding round at Ola, which is looking to raise over $400-500 million, the paper said.
Auto maker Mahindra and Mahindra and Tata Sons Chairman Emeritus Ratan Tata have also invested in Ola.
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