Ola's chess match with both rivals and investors; seeks $1 bn funding

Market speculation on next moves, with it and arch-rival Uber having the same big stakeholder, raises questions on future consolidation

Cab service company Ola is looking at raising a new round of funding, of at least $1 billion (Rs 64 billion), from Singapore-based Temasek Holdings to diversify its investor base. And, its US-based rival, Uber Technologies, is deciding to sell its business in Southeast Asia to local rival Grab Inc. With these, the focus has again shifted to the outlook for the ride hailing business in this country, in case the US-based company also sells the business and merges it with Ola, in exchange for equity. 

Both have a common investor, Japan-based SoftBank. The latter recently took a 20 per cent