Ola is said to have raised around $225 million (Rs 1,478 crores) in a fresh round of funding from existing investors Falcon Edge Capital, Tiger Global Management, SoftBank, and others.

When contacted, an Ola spokesperson said the company does not comment on market speculations.

Separately, Ola announced Monday it would invest around $75 million dollars in a car-leasing program to get 100,000 extra drivers onto its platform by the end of 2016 and raise funds independently for a further $675 million for the program.

According to sources, the Bengaluru-based firm is looking at raising upwards of United States dollars 500 million in a series F round, which will value Ola at about USD 5 billion. There are some new investors also onboard like Mauritius-based JS Capital (M) Ltd and Parkwood Bespin, and Singapore-based Daniel E Neary. Tata had made the investment in his personal capacity. Uber, by comparison is in 22 Indian cities and aims to reach one million rides a day in the South Asian country in early 2016.

Other existing investors, Steadview Capital, the Hong Kong-based hedge fund, Pittsburgh based technology firm ABG Capital and Mauritius-registered FII LTR Focus Fund have contributed Rs.21.2 crore, Rs.17.6 crore and Rs.12.3 crore respectively.

In April 2015, OlaCabs had raised $315M in funding led by DST Global.

In July, the company had launched Ola Store, a hyperlocal grocery and daily needs delivery app. It has also ventured into the food and beverages space with “Ola Cafe”, its food ordering and delivery service in parts of Bangalore, Hyderabad, Delhi and Mumbai. It is also expanding its mobile wallet, Ola Money, by offering it to other ecommerce platforms such as OYO Rooms, Lenskart and Saavn.

The company has also appointed Rahul Maroli from LeasePlan India as VP- Strategic Supply Initiatives to head the leasing business. 5,000 crore through a subsidiary that will enable drivers to own the cars eventually.