Olacabs gets new investor in the form of Ratan Tata, Chairman Emeritus of Tata Sons. The deal is not disclosed and the nuances of the deal is yet to be annouced. The news was shared by OlaCabs CEO and co founder Bavish Aggarwal. He said “We are thrilled to share that Mr. Ratan Tata has recently invested in Ola, in his personal capacity. While I am personally very excited about this, as a company we can now learn from the rich experience of one of the finest business leaders of our times.”
The ex Chief of Tata Group has invested in several startups such mobile phone make Xiaomi, online retailer Snapdeal, Auto Classfieds CarDekho and fashion portal Kaaryah recently. Ola has a big list of well known retail investors include Tiger Global, Matrix Partners, Steadview Capital, Softbank, Russian business group DST Global.
This is a significant development since Uber is launching their services in 7 new cities from tomorrow. Ola has recently kick started integrating TaxiForSure which was bought for $200 million at the start of the year. The company has started integrating TaxiForSure in their apps with sedan services.