2019 Hyundai Kona image : Hyundai

Korean auto manufacturer is looking to invest $300 million in India’s Ola Cabs, according to a report from Entrackr. It says Hyundai is in advanced discussions to invest between $250 million to $300 million in the Indian Uber competitor, and that the round could close in the next six weeks, citing multiple sources.

Ola has been on the move as of late, raising funding from investors including Flipkart cofounder Sachin Bansal and Mirae Asset- Naver Asia. Just recently, it raised $56 million for its dedicated electric vehicle unit, from investors including Tiger Global and Matrix India. Entrackr says Ola’s valuation is expected to eclipse $6 billion for the first time with Hyundai’s investment

Hyundai is also an investor in Singapore based ride-hailing company, Grab image : Hyundai

According to Crunchbase data, Ola Cabs has raised some $3.5 billion in total funding. Other notable backers include Softbank, Accel, GIC, Tencent and Temasek Holdings. Auto companies investing huge amounts in ride-hailing companies isn’t quite a new thing : Toyota invested $1 billion in Grab June last year, Gett raised $300 million from Volkswagen in 2016, Daimler invested $250 million in Via in September 2017 and also led a $175 million round for Taxify in May 2018, GM invested $500 million in Lyft early 2016, Toyota bet $500 million on Uber August last year.

Hyundai also notably invested $250 million in Grab in November, and led a $14 million round for Indian car rental startup Revv in August last year.

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