Ola, Uber’s ride-hailing rival from India, has reportedly seen its valuation increase to almost $6bn ahead of a big money funding round.

The firm received 520 crore – around $75m – from existing investor Steadview Capital, TechCrunch reports, citing filings provided by private company signals platform paper.vc. These filings show that the business is now valued at $5.7bn.

To date, Ola has received around $3.3bn from investors. In September, the company was valued at $4.3bn upon raising $50m from Sailing Capital and the China-Eurasian Economic Cooperation Fund – this funding announcement coincided with the platform’s arrival in New Zealand.

However, if we go back to 2017, the firm received a valuation as high as $7bn when Tencent, SoftBank, and new US-based financial investors pumped $1.1bn into the ride-hailing service. And there were talks of bringing that particular round of funding closer to $2bn.

As the above figures suggest, $75m isn’t a massive investment for Ola but could signal the beginning of a larger funding round, a source told TechCrunch. Other filings support this claim with the Indian Competition Commission having approved a request for a Temasek-affiliated investment vehicle’s proposed acquisition of seven per cent of Ola. And SoftBank is also said to have offered a term sheet for a perspective $1bn investment last month.