Uber's India rival raises $50 million at $4.3 billion valuation

Ola, Uber's biggest rival in India, has raised $50 million in new funding from China's Sailing Capital and the China-Eurasian Economic Cooperation Fund at a $4.3 billion valuation, according to documents obtained by Indian media outlets.

Big picture: This comes just as Ola announced it's expanding to New Zealand, its third country outside India, and continues to grow its food delivery business.