Ola to raise $1 billion to fend off Uber

ANI Technologies, the corporate that owns India’s largest taxi soul, Ola, is in talks to boost nearly $1 billion (Rs half dozen,700 crore) in recent funding to contend with world rival Uber, that contains a monetary fund for Asian nation, 'the solely market that is still open globally.

Ola is predicted to shut the spherical before the tip of July, aforementioned sources aware about the event on condition of obscurity. Existing investors SoftBank, redwood Capital and DST world area unit possible to participate within the spherical. 2 new United States investors area unit expected to require half within the funding, however their names couldn't be severally confirmed.

Ola’s world collaborator and capitalist Didi also will participate within the spherical, doubtless delivery Asian nation into the competition map between Google and Apple. In May, Apple endowed $1 billion in Didi, that dominates the Chinese market, whereas Uber raised funds in 2013 from Google Ventures, the investment arm of Google.

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