Reuters logo
India's Ola said to raise $2 billion from SoftBank, Tencent - Bloomberg
October 2, 2017 / 4:50 PM / 22 days ago

India's Ola said to raise $2 billion from SoftBank, Tencent - Bloomberg

(Reuters) - India’s ride-hailing company Ola on Monday secured $2 billion (1.50 billion pounds) in new funding from a group of investors, including SoftBank Group Corp (9984.T) and Tencent Holdings Ltd (0700.HK), Bloomberg reported, citing a person familiar with the matter.

FILE PHOTO - An employee speaks over his phone as he sits at the front desk inside the office of Ola cab service in Gurugram, previously known as Gurgaon, on the outskirts of New Delhi, India, April 20, 2016. REUTERS/Anindito Mukherjee

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. (bloom.bg/2fEUzVH)

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

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below