Ola has signed a term sheet with Mirae Asset-Naver Asia Growth Investment, a fund jointly launched by the Korean financial services giant and one of the country’s top internet companies, for the latter to potentially invest in India’s largest ride-hailing platform.
A possible investment in Ola is likely to be part of the Bengaluru-based Unicorn’s ongoing Series-J round of funding, which is pegged at $1 billion, and has already seen the company raise a substantial sum of capital from a clutch of mostly new investors, according to sources briefed on the development.
The investment is also likely to happen at a similar valuation — $5.5-6 billion — at which the company has raised cash so far from the likes of Flipkart cofounder Sachin Bansal, existing investor Steadview Capital and a cohort of US-based investors, a list that includes Raymond S Cahnman, chairman of Transmarket Group, philanthropists Tina and Steven Price, J3T Ventures and Lyon Assets.
ET, however, could not ascertain the exact amount Mirae Asset-Naver Asia Growth was looking to invest in Ola, which has been on a fund-raising spree over the past few months, as it looks to further build on its Foodpanda business, invest in its international operations, expand into newer segments as well as continue battling its US-based rival for dominance in India. Ola has been looking to diversify from its core ride-hailing operations and has been exploring newer avenues for growth, which includes pharmaceuticals delivery, lending and payments, among others.