Uber’s India Rival Said in Talks to Raise About $600 Million
- Uber has stepped up its efforts in India after exiting China
- Ola was last valued at $5 billion; Uber at $69 billion
Bhavish Aggarwal.
Photographer: Namas Bhojani/BloombergThis article is for subscribers only.
India’s largest ride-hailing startup, Ola, is in talks to raise about $600 million and may close the deal by year end, as it seeks to counter an increasingly aggressive Uber Technologies Inc. in the coveted India market, according to a person familiar with the matter.
The funds are coming from new and existing investors and would give six-year-old Ola enough capital for at least 18 months, said the person, asking not to be named because the talks are private. Negotiations are ongoing and the amount raised or timing may still change. SoftBank Group Corp., a current investor, plans to participate and may lead the funding round, the person said.