Ola raises nearly $50 million from New York-based hedge fund; valuation to go over $3 billion

Ola is continuing talks with several investors to raise funds and recently it picked up around $50m from a New York-based hedge fund.

India's largest taxi aggregator Ola raised funds from hedge fund Tekne Capital Management, and the funding is expected to take Ola’s valuation to over $3 billion.

The latest round comes after Ratan Tata's RNT Capital Advisors and US hedge fund Falcon Edge infused money in the startup.

"Ola continues to be in talks with various investors, including Coatue Management for this round," a source familiar with the development told ET.

As per reports, Ola’s market share in India will be around 65%, with Uber holding the rest. Ola is going aggressive in the country and is working on several projects, including introducing electric vehicles in cities.

The latest funding also comes after Uber is embroiled in a cultural row. Uber has also been slapped with an intellectual property lawsuit from Google's parent Alphabet-owned Waymo.