Wednesday, October 29, 2014

#Japan's #SoftBank invests $210 million in #Olacabs

Online cab booking service provider Olacabs has raised $210 million from Japan's SoftBank Corp.Earlier Olacabs raised Rs 250 crore in July this year when it was valued at Rs 1,000 crore. The current valuation of the company has gone up to $1 billion or Rs 6,100 crore after this round of fund raising. Olacabs was founded in January 2011 by IIT-Bombay alumni Bhavish Aggarwal and Ankit Bhati.

“SoftBank as an investor and a strategic partner with its global network brings in a lot of relevant experience and knowledge of this domain. We will continue to build towards our vision of transportation as a seamless and ubiquitous service in every corner of the country and focus on the driver ecosystem to enable micro entrepreneurship and skill development at scale,” said Bhavish Aggarwal, co-founder & CEO of Ola.
Morrison & Foerster LLP acted as legal advisor while Raine Group LLC was the financial advisor to SoftBank.