Johana Bhuiyan, writing for Recode;
Indian ride-hail player Ola is charting foreign waters for the first time since it was founded seven years ago. In a move signaling its intent to expand into Australia, Ola began recruiting drivers in Sydney, Melbourne and Perth today.
This will be the second market that Ola will be going head to head against Uber in. But in India, Ola has long touted its home-field advantage over its aggressive competitor, often attributing its ability to expand geographically and the services it offers to the company’s acute understanding of the nuances of the market.
Because of the 45,000 cap on the TNVS in the Philippines, other ride-sharing companies such as Ola will be discourage /turned-off from investing in the Philippines.
Saritha Rai, writing for Bloomberg;
Ola scored $2 billion in new funding from a group of investors including SoftBank Group Corp. and Tencent Holdings Ltd., a person familiar with the matter said, helping bankroll Uber Technologies Inc.’s fiercest rival in India.
Other backers in the ride-hailing startup’s latest financing round included a venture capital fund jointly run by Indian industrialist Ratan Tata and the University of California’s investment arm, as well as several U.S. institutional investors, people familiar with the deal said, asking not to be identified talking about a private deal. The company’s valuation after the financing wasn’t immediately clear.
Money fund their way against Uber!
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.