Ola raised Rs 384 crore from US investor in December 2015

India’s leading taxi hailing service Ola raised Rs 384 crore ($57.4 million) from US-based investment management company Vanguard Group in December 2015.

The investment, which was revealed in documents filed with the Registrar of Companies (RoC) on Wednesday, came just a month after Ola announced its massive $500 million funding round that valued it at $5 billion. Vanguard’s investment in Ola will add to the war chest it is building to fend off an attack from Uber, which includes the $1 billion the company is in talks to raise.

Uber has earmarked a significant portion of the $3.5 billion it raised from Saudi Arabia’s Public Investment Fund to fuel its growth in India and overtake Ola. Competition in the taxi hailing market has heated up significantly in the past few months as both Uber and Ola scramble to get more drivers and riders on their platforms.

Both companies claim they are in the lead, but research firm RedSeer says that Ola controls about two-thirds the market while Uber controls around quarter of it. Ola recently updated its figures of cabs operating on its platform to 450,000, while Uber maintains it has 350,000 cabs on its platform.

Vanguard, which manages assets worth $3.1 trillion, invests in technology firms such as Amazon, Google, Facebook and in India has invested in e-commerce giant Flipkart. Being a public firm, Vanguard’s disclosures about its investment in Ola could give insights into the taxi hailing firm’s valuation.

Unlike in e-commerce where leader Flipkart’s value has been hacked by nearly a third, despite competition from global rival Uber, the taxi aggregator space in India is still seen as performing strongly. Recently, Uber sold its China business to rival Didi Chuxing, making an exit from the world’s second largest economy. This has prompted experts to say that the company might reinvigorate its focus on India and burn loads of money to ensure that it wins in India.