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Ola said to raise $2 bn from SoftBank, Tencent

The funding will help Ola to continue its focus on India and build both its supply of vehicles and drivers

Reuters 

Ola, Ola electric project, Ola electric mobility, Ola CEO, Bhavish Aggarwal
Ola CEO Bhavish Aggarwal

Ride-hailing company on Monday secured $2 billion in new funding from a group of investors, including Group Corp and Holdings Ltd, 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 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.

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

 

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Mon, October 02 2017. 22:18 IST
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