Sunday, Jul 03, 2022 | Last Update : 06:11 PM IST

  Business   Companies  03 Oct 2017  Ola said to raise $2 billion from SoftBank, Tencent: Bloomberg

Ola said to raise $2 billion from SoftBank, Tencent: Bloomberg

REUTERS
Published : Oct 3, 2017, 9:33 am IST
Updated : Oct 3, 2017, 9:33 am IST

Japan’s SoftBank has been looking to play consolidator in India’s flourishing startup ecosystem.

Ola on Monday secured USD 2 billion in new funding from a group of investors, including SoftBank Group Corp and Tencent Holdings Ltd.
 Ola on Monday secured USD 2 billion in new funding from a group of investors, including SoftBank Group Corp and Tencent Holdings Ltd.

India’s ride-hailing company Ola on Monday secured USD 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 is not 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 USD 1 billion in e-commerce company Snapdeal and USD 70 million in grocery delivery group Grofers.

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

Tags: ola cabs, bhavish aggarwal, tencent, softbank
Location: India, Maharashtra, Mumbai (Bombay)