Ola Cabs, the Indian ride-sharing app that shares a major investor with Alibaba, has sealed $225 million USD of a planned $500 million investment round in what has been the most generous season on record for Asian ride-hailing apps.

The latest round of funding brings Ola’s valuation to approximately $5 billion USD, and is currently led by New York-based Falcon Edge Capital. Early this year they had pulled in $400 million led by Russian billionaire Yuri Milner’s fund, DST global. Before that Ola had sealed $210 million from SoftBank, the Japanese company that owns over 35% of Alibaba.

It caps off a truly spectacular eight weeks of funding among Asian ride-hailing apps. Last month Singapore-based Grab Taxi raised $400 million USD with the help of sovereign wealth fund, China Investment Corporation (CIC). The same fund had previously supported Chinese star ride-hailing app Didi Kuaidi, who just days ago confirmed a whopping $3 billion USD in funding.

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Cate Cadell

Cate is a tech writer. She worked as a journalist in Australia, Mongolia and Myanmar. You can reach her (in Chinese or English) at: @catecadell or catecadell@technode.com