Ola said to raise $2 billion from SoftBank, Tencent: Bloomberg | business-news | Hindustan Times
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Ola said to raise $2 billion from SoftBank, Tencent: Bloomberg

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.

business Updated: Oct 03, 2017 09:38 IST
The funding is also backed by venture capital fund jointly run by Indian industrialist Ratan Tata, the University of California’s investment arm and US institutional investors
The funding is also backed by venture capital fund jointly run by Indian industrialist Ratan Tata, the University of California’s investment arm and US institutional investors(Mint File Photo)

India’s ride-hailing company Ola on Monday secured $2 billion in new funding from a group of investors, including SoftBank Group Corp and Tencent 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 US institutional investors, Bloomberg said, citing people familiar with the deal.

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.