Ola reportedly nails $2b in funding from SoftBank, Tencent

Employees work inside the office of Ola cab service in Gurugram, previously known as Gurugram, on the outskirts of New Delhi, April 20, 2016. REUTERS/Anindito Mukherjee/Files

REUTERS – 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, 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.

(Reporting by Shubham Kalia in Bengaluru; Editing by Arun Koyyur)

Be the first to comment

What do you think?

This site uses Akismet to reduce spam. Learn how your comment data is processed.