An investor backed by China's communist party has joined online transportation network firm Ola's $50 million fund-raise, reported The Times of India.
The new investment has raised the value of the company to more than $4 billion, TOI reported on Tuesday.
The development comes at a time when the firm is taking steps to raise investments from both new and existing investors.
The investment by Sailing Capital, which is backed by the Communist Party-owned financial services major Shanghai International Group, and China-Eurasian Economic Cooperation Fund (CEF) will be used for general business operations, the report said.
The fund raising drive gains significance as Ola’s rival Uber has gained backing from SoftBank, it added.
However, this is not the first time that a significant capital infusion has been made into Ola by a Chinese firms. The report said that last year the firm had raised $1.1 billion in a round led by Chinese tech major Tencent.
First Published: IST