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With a clutch of interesting internet start-ups already under his belt, Ratan Tata, chairman emeritus of Tata Sons, has taken a fancy to taxi aggregator Ola (formerly OlaCabs). The company announced on Wednesday that Tata had invested in the SoftBank backed venture in his personal capacity.
The company did not disclose the amount invested by Tata. Bhavish Aggarwal, chief executive officer and co-founder of Ola, said the four-year-old venture is “honoured to have Tata onboard as an investor”. He added: “This is a huge endorsement from one of the most respected business leaders of our times and reflects Ola’s commitment towards the future of mobility in India.” Aggarwal said the company would learn from Tata’s experience that would help in building the organisation.
Ola, which is backed by Japan's SoftBank, had in March bought TaxiForSure for $200 million in one of the largest deals in the Indian taxi aggregator space.
TaxiForSure continues to operate independently as a brand, even as the two are exploring synergies through their respective applications.
Tata, on the other hand, has emerged one of the most high-profile investors in India since retiring as Tata Sons chairman in 2013. He has investments in new-age firms such as e-commerce site Snapdeal (in which SoftBank is a common investor) and in Chinese phone maker Xiaomi, apart from online jewellery retailer Bluestone, online furniture store Urban Ladder, automobile portal CarDekho, Grameen Capital India, along with payment and e-commerce firm Paytm.
The 77-year-old has also taken up a mentorship role for portfolio companies of Bengaluru-based venture capital fund Kalaari Capital.
Ola, founded in January 2011 by IIT Bombay alumni Aggarwal and Ankit Bhati, has operations in about 100 cities across India, with 150,000 vehicles registered on its platform. “Ola, which is revolutionising transportation and creating significant value for citizens and lasting social impact for driver-partners, will stand to benefit from Tata's endorsement and guidance,” the company said.
The company is also currently running a beta version of Ola Cafe, an on-demand food service, in Delhi, Mumbai, Bengaluru and Hyderabad. Besides, the company is looking to tie up with local restaurants in Chennai to offer the cafe service.
SERIAL INVESTOR
The company did not disclose the amount invested by Tata. Bhavish Aggarwal, chief executive officer and co-founder of Ola, said the four-year-old venture is “honoured to have Tata onboard as an investor”. He added: “This is a huge endorsement from one of the most respected business leaders of our times and reflects Ola’s commitment towards the future of mobility in India.” Aggarwal said the company would learn from Tata’s experience that would help in building the organisation.
Ola, which is backed by Japan's SoftBank, had in March bought TaxiForSure for $200 million in one of the largest deals in the Indian taxi aggregator space.
TaxiForSure continues to operate independently as a brand, even as the two are exploring synergies through their respective applications.
Tata, on the other hand, has emerged one of the most high-profile investors in India since retiring as Tata Sons chairman in 2013. He has investments in new-age firms such as e-commerce site Snapdeal (in which SoftBank is a common investor) and in Chinese phone maker Xiaomi, apart from online jewellery retailer Bluestone, online furniture store Urban Ladder, automobile portal CarDekho, Grameen Capital India, along with payment and e-commerce firm Paytm.
The 77-year-old has also taken up a mentorship role for portfolio companies of Bengaluru-based venture capital fund Kalaari Capital.
Ola, founded in January 2011 by IIT Bombay alumni Aggarwal and Ankit Bhati, has operations in about 100 cities across India, with 150,000 vehicles registered on its platform. “Ola, which is revolutionising transportation and creating significant value for citizens and lasting social impact for driver-partners, will stand to benefit from Tata's endorsement and guidance,” the company said.
The company is also currently running a beta version of Ola Cafe, an on-demand food service, in Delhi, Mumbai, Bengaluru and Hyderabad. Besides, the company is looking to tie up with local restaurants in Chennai to offer the cafe service.
SERIAL INVESTOR
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Aug 2014: In August 2014, Tata invested an undisclosed sum in e-commerce major Snapdeal
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Sep 2014: Ratan Tata made a strategic investment in online jewellery firm Bluestone.com
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Nov 2014: Online furniture seller Urban Ladder said it had raised an undisclosed amount of investment from Tata
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Feb 2015: Tata made a personal investment in CarDekho.com
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Mar 2015: Tata made an investment in digital wallet Paytm by picking up a small stake in One97 Communications
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Mar 2015: Tata along with a clutch of investors, picked a minority stake in Grameen Capital India
- April 2015: He had acquired a stake in Chinese handset maker Xiaomi
