comscore SoftBank could invest up to Rs 2,000 crore in Ola Cabs

SoftBank could invest up to Rs 2,000 crore in Ola Cabs

An official announcement about the investment is most likely to be announced in the next few weeks. This fund is seen as a major boost to Ola to compete against its rival Uber.

  • Published: October 24, 2016 5:05 PM IST

Japan’s SoftBank Corp is likely to invest up to Rs 2,000 crore in Ola; a funding that will help India’s largest taxi-hailing service compete with US- based rival Uber. According to sources close to the deal, ANI Technologies Pvt’s Ola may raise USD 250-300 million in a new round of funding led by the Japanese telecom and Internet major, and other existing investors may also participate. They added that the announcement is expected to be made in the next few weeks. Also Read - Bengaluru govt bans Ola, Uber, Rapido autos for overcharging

Also Read - Uber clarifies that no private users' data compromised in cyber breach

Also Read - Uber acknowledges data breach, says it is probing the 'cybersecurity incident'

When contacted, both Ola and SoftBank declined to comment on the matter. Recently, SoftBank Group International President Alok Sama had said the company was focused on consolidating its position in the Indian market and aggressively backing its investment here. Its two largest investments in India include Ola and e-commerce major Snapdeal.

Ola’s fund-raising comes at a time when Uber is stepping up its investment in the country. Uber has said it will aggressively ramp up its operations in India after it exited China in July. The Bengaluru-based firm has raised over USD 1.3 billion (roughly Rs 8,600 crore) from investors, including SoftBank Group, Tiger Global, Matrix Partners, Steadview Capital, Sequoia India, Accel Partners US and Falcon Edge. ALSO READ: Uber and Ola Cabs to soon offer taxi services to government departments, PSUs at special rates

With over 4.5 lakh vehicles registered on its platform, Ola offers services across more than 100 cities in India. Ola has been aggressively on-boarding driver partners on its platform and has also expanded to new categories like luxury car rentals and subscription services to attract premium customers. It had launched its leasing business to strengthen supply of drivers. ALSO READ: Now, you can book cabs from Ola and Uber directly from Google Search

  • Published Date: October 24, 2016 5:05 PM IST
For the latest tech news across the world, latest PC and Mobile games, tips & tricks, top-notch gadget reviews of most exciting releases follow BGR India’s Facebook, Twitter, subscribe our YouTube Channel. Also follow us on  Facebook Messenger for latest updates.