Ola raises $50 million from new investors; aims to reduce power of Softbank

The China-Eurasian Economic Cooperation Fund is an equity investment vehicle to further China's Belt and Road Initiative

Home-grown ride-hailing major Ola has raised $50 million in funding from two new investors, including a Chinese state-backed fund that was set up with a mission for deepening economic cooperation between China and the Shanghai Cooperation Organisation region.

Ola issued 250,000 preference shares divided equally between Hong Kong-based private equity fund Sailing Capital and the China-Eurasian Economic Cooperation Fund (CEF), documents filed with the Registrar of Companies, which were sourced from Paper.vc, showed.

The investment was part of Series I 2 round in which the company raised $50 million from the two investors at a valuation between $3.7 billion and