DurbaDurba Ghosh, writing for Tech in Asia;
India’s Uber arch-rival Ola has once again won backing from Japan’s SoftBank, with fresh funding of US$330 million, a person familiar with the details of the deal told Tech in Asia.
However, the fresh funding comes at a cost. Ola’s valuation has dropped by more than 30 percent to US$3.5 billion, Business Standard reported today. Ola’s valuation drop is indicative of declining investor confidence in India.
It’s high time for Ola to expand to other markets and not just their home country.