September 18, 2018 / 5:12 AM / 2 months ago

India's Ola forays into New Zealand in latest overseas push

FILE PHOTO: An employee speaks over his phone as he sits at the front desk inside the office of Ola cab service in Gurugram, previously known as Gurgaon, on the outskirts of New Delhi, India, April 20, 2016. REUTERS/Anindito Mukherjee

(Reuters) - Indian ride-hailing platform Ola said on Tuesday it plans to launch operations in New Zealand, and expand its overseas rivalry with U.S.-based peer Uber Technologies Inc.

The Indian start-up founded in 2011, which is backed by Japan’s SoftBank Group, first expanded its international operations with a foray into Australia and the United Kingdom earlier this year.

Brian Dewil has been appointed as country manager for New Zealand operations, Ola said. The company, which is competing with Uber in India’s $12 billion taxi market, did not provide further details about its expansion plans.

Meanwhile, Ola has also raised $50 million at a valuation of roughly $4.3 billion from Hong Kong-based Sailing Capital and the China-Eurasian Economic Cooperation Fund, a media report said. Ola did not immediately respond to a request for comment from Reuters.

Reporting by Sharnya G in Bengaluru, Editing by Sherry Jacob-Phillips

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