Ola, Uber’s Indian ride-hailing rival, has reportedly raised $50m at a valuation of around $4.3bn from Sailing Capital, a Hong Kong-based private equity firm, and the China-Eurasian Economic Cooperation Fund (CEECF).

According to Indian business-focused publication Mint, the pair of investors will hold a combined stake of over one per cent in the company. The funding is part of Ola’s plans to raise new funds of at least $1bn and it is expected to raise more funds in the coming months from investors including Singapore’s Temasek.

Almost a year ago, the ride-hailing firm secured $1.1bn in funding from Tencent, SoftBank, and other US-based financial investors.

News of Ola’s latest round of financing coincides with the company’s announcement that it will be bringing its service to New Zealand – after launching in both Australia and the UK earlier this year. The service will launch in Auckland, Christchurch and Wellington.

“We see a real opportunity in New Zealand to provide a fair alternative in the rideshare space for both customers and drivers. We invested in understanding the New Zealand customer and devised the right strategy to meet their transport needs,” said Bhavish Aggarwal, co-founder and CEO at Ola.

“We are the rideshare brand that cares and are looking forward to creating high quality transport experiences for both passengers and drivers in New Zealand.”

Ola has also introduced its bike service to Agra in the Uttar Pradesh state of India – becoming the fourth city in the region and 17^th city across India to benefit from the service.