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Title:Ola raises $500m at $5bn valuation

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MUMBAI: Transportation app Ola confirmed on Wednesday it has raised $500 million, or Rs 3,250 crore, from Scottish investment firm Baillie Gifford, China's largest taxi-hailing company Didi Kuaidi and existing investors Falcon Edge, Tiger Global, SoftBank and DST Global, providing it a bigger war chest to fight arch-rival Uber in India. The latest fund-raise, which the company said was its Series F round, valued the four-year-old startup at $5 billion, post the investment, according to multiple sources.TOI had first reported about the funding round, which came through in two tranches, in its August 10 edition and then again on September 19.Singapore's sovereign wealth fund GIC is also part of the latest capital infusion, as reported earlier -Ola, however, did not name the investor in its press statement.

Didi Kuaidi's investment, which was announced earlier by the Bangalore-headquartered Ola, is similar to the ones the Chinese company made in San Francisco-ba sed Lyft and Malaysia's GrabTaxi, signalling a global alliance against the cash-rich Uber.

The fresh funds will be used to fuel growth across existing categories as well as in innovating mobility solutions for the local market, the company said. Ola has been adding new businesses like grocery delivery , food delivery and payments through Ola Money to expand its scale in the past year.