Ola Secures $2 Billion Funding From Japanese And Chinese Investorsby Ajinkya October 4, 2017
It seems that the investors are warming up to the Uber competitors. In a recent round of funding, Indian app-based cab service Ola secured a whopping $2 billion. The major investment comes from Japanese SoftBank Group and Tencent Holdings from China.
India is one of the biggest taxi-markets in the world. It is currently lead by ANI Technologies’ Ola. Needless to say that the global giant Uber has been mounting pressure. Uber has lost its battle in China to its local rival Didi. So, the American company is unlikely to give up on another major market easily.
Ola already has big backers such Ratan Tata and several US-based investors. The 2 billion funding is still a big deal considering that it is the second-largest funding ever secured by an Indian startup. , after Flipkart Online Services Pvt., the country’s largest online retailer. The SoftBank Vision Fund and Tencent also invested a total of about $4 billion in Flipkart this year as it vies with Amazon.com Inc., people familiar with the matter have said.