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Ola to raise $2 bn from SoftBank, Tencent, others

03 October, 2017

India’s ride-hailing company Ola on Monday secured $2 billion in new funding from a group of investors, including SoftBank Group Corp and Tencent Holdings Ltd, Bloomberg reported, citing a person familiar with the matter.

The funding round isn’t finished yet and the amount could change, the person said.

The funding is also backed by venture capital fund jointly run by Indian industrialist Ratan Tata, the University of California’s investment arm and U.S. institutional investors, Bloomberg said, citing people familiar with the deal.

Japan’s SoftBank has been looking to play consolidator in India’s flourishing startup ecosystem with investments that include about $1 billion in e-commerce company Snapdeal and $70 million in grocery delivery group Grofers.

Ola and SoftBank declined to comment, while Tencent was not immediately available for comment.

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1 Comment
shoeb Khan . 2 months ago

Expecting this funds to bring some sort of game changer move in the cabs business. Ola cabs are doing good but Uber seems taking the lead in edge when it comes to rates and service for now.

Ola to raise $2 bn from SoftBank, Tencent, others

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