BENGALURU, Jan. 11 -- Ola has regained its number two ranking in the pecking order of India's most valuable startups after securing $74 million in fresh funding from existing investor Steadview Capital at a valuation of about $5.7 billion.

Ola, which has been in talks to raise at least $1 billion over the past one year, moved ahead of budget-hotel chain Oyo Rooms in terms of valuation and is now only behind digital payments major Paytm.

Last year, Ola had briefly conceded its second position to Oyo Rooms, which was valued at nearly $5 billion following an $800 million fundraise from SoftBank and other investors.

Flipkart was the most valuable Indian startup for the longest time, before it was acquired by Walmart last year.

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