Uber’s Rival in India Just Got a Big Round of Funding

Ola, ride-hailing company Uber’s biggest rival in India, has closed a fresh $500 million round to fuel its aggressive expansion, the company said on Wednesday.

Though it hasn’t publicly disclosed its new valuation, media reports have pegged it at $5 billion, allowing Ola to climb even higher on Fortune‘s Unicorn List of billion-dollar startups. Baillie Gifford, Falcon Edge, Tiger Global, SoftBank Group, DST Global, and Chinese ride-hailing company Didi Kuaidi provided the new funds....

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