June 28, 2017

SoftBank plans to increase its ownership in Ola, acquire Tiger Global’s stake for $700Mn: Report

Ola logo
Image Courtesy of Ola

Are Tiger Global and SoftBank working out some sort of arrangement, wherein the former will trim its investment in India and the latter plans to increase it? We’ve today come across a fresh report stating that Tiger Global Management, one of the most renowned investors of the nation, is planning to sell its stake in homegrown ride-hailing giant, Ola Cabs, to SoftBank.

Both of the aforementioned behemoths are existing backers of the ride-hailing giant. The stake sale is presently being valued at over $700 million and is yet another alarming step for the country’s startup ecosystem. It suggests that one of the most prolific investors, who helped shape the current startup bigwigs and unicorns, now thinks differently of the country’s startup culture.

In response to speculations, the chief executive of a Tiger Global-backed company called the development as not surprising . It was further added: SoftBank and Alibaba want to get a stronger hold of India’s internet businesses, and want a share in all the large companies — Ola is one of them. The market has definitely matured and is now steadily accepting the importance of building a steady and streamlined business than senselessly doling out capital to achieve goals. Both […]

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The News for the Gig Economy Staff is constantly searching the web for the latest news regarding freelancing and gig platforms to bring them to you in one handy place. All articles with this generic author have been sourced with the original location at the bottom of the piece. We encourage our readers to view the original source of all excerpts. NGE is a project of ARC Online, LLC.

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