Update: SoftBank Internet and Media Inc (SIMI) has officially confirmed (pdf) that it is leading a $210 million into Olacabs along with existing investors. As part of the deal, SIMI CEO and former Google executive Nikesh Arora will be joining the company board. Along with Olacabs, SoftBank Group also confirmed that it is investing $627 million into the online marketplace Snapdeal. The company has reportedly committed an investment of $10 billion into India’s information technology (IT) and communications segment. Earlier (Oct 27): Online cab booking service Olacabs is raising $210 million investment from SoftBank Corp at valuation of nearly $1 billion, reports The Economic Times citing sources. It says the investment is expected to be announced this week when SoftBank Chairman Masayoshi Son is visiting India. We've written to Olacabs for a confirmation and will update the story once we get a response. The company however has declined to comment on this to the publication. Interestingly, this investment comes just three months after it raised Rs 250 crore from investors like Steadview Capital and Sequoia Capital and participation from existing investors Tiger Global and Matrix Partners. Olacabs co-founder and CEO Bhavish Aggarwal had then mentioned that they are using the capital to expand to newer cities & categories and was hoping to have a presence in at least 20 cities by the end of this year. The company currently offers taxi bookings for 19 Indian cities include Bangalore, Mumbai, New Delhi, Chennai, Goa, Hyderabad and Ahmedabad among others and claims to have over 30,000 cars on its platform. Earlier this month, Olacabs had also started…
- Video: Maharashtra may soon have regulations for Ola, Uber June 6, 2023
- Bombay HC Directs Netizens To Remove ‘Defamatory’ Posts on Adar Poonawalla and The Serum Institute June 6, 2023
- US Securities regulator charges Binance and its founder with 13 counts of security violations June 6, 2023
- Summary: Petition in Supreme Court against prolonged internet shutdown in Manipur June 6, 2023
- Access providers must create a unified consent seeking platform: Telecom Regulatory Authority of India June 5, 2023
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
Is it safe to consider all "publicly available data" as public?
PhonePe launched an e-commerce buyer app for ONDC called Pincode. We, however, believe that it should also launch a seller app.
Amazon announced that it will integrate its logistics network and SmartCommerce services with the Open Network for Digital Commerce (ONDC).
India's smartphone operating system BharOS has received much buzz in the media lately, but does it really merit this attention?
After using the Mapples app as his default navigation app for a week, Sarvesh draws a comparison between Google Maps and Mapples
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
Twitter takes down tweets from MP, MLA, editor criticising handling of pandemic upon government request
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...
Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...