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Ola to raise $800 m for a big drive into Tier 2/3 cities

Ola to raise $800 m for a big drive into Tier 2/3 cities

On-demand taxi service provider Ola is looking to raise about $800 million ( Rs. 4,800 crore) from both new and existing investors.The company was initially planning to raise about $500 million, but has now decided to go for a higher amount, given the rising competition from operators such as Uber.The fresh round will be raised within the next two-three months, at least three sources said.On completion of the fund-raising, Ola expects its valuation to rise four-fold to $10 billion from the current $2.5 billion.


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