India’s Ola Raises $2 Billion From SoftBank, Tencent

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!

Ola gets $330m from SoftBank, but valuation plummets to $3.5b

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.