Ride-hailing service Ola has raised $11 million in its Series J round from UAE investors, Swedish-based DIG Investment Ab and US-based Deshe Holdings.

Samih Toukan and Hussam Khoury, co-founders of the Dubai-based technology investment firm Jabbar Internet Group, have invested in Ola’s latest round of financing, Live Mint reported, citing documents sourced from business information platform Paper.vc.

Jabbar is a prolific innovator as well as an investor, best known in the region for building Souq.com, which was sold to Amazon in 2017 for more than $600 million, the largest tech transaction in the region. The same team also built the Maktoob portal, which was later acquired by Yahoo.

“The current round of allotments appears to be part of Ola’s ongoing $472 million Series J round of financing, which includes a $238 million investment by Hyundai Motor Company and a $62 million investment by KIA Motors Corporation,” said Vivek Durai, founder of Paper.vc.

Ola Cabs, developed by ANI Technologies, has been raising capital in parts over the past few months, with plans to raise $1 billion in fresh funds.

As part of its ongoing Series J round, Ola also secured $100 million in January from Indian technology entrepreneur Sachin Bansal, best known as the co-founder of Flipkart, which was acquired by Walmart for $16 billion in 2018. The investment in Ola is seen as Bansal’s first major deal after his exit from Flipkart.

(Writing by Seban Scaria, edited by Daniel Luiz)

(seban.scaria@refinitiv.com)

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