The company plans to raise around USD 500 million in a fresh funding round led by the bank.
According to the report, SoftBank is leading the new round and the first tranche will close in a few days and is looking to commit more capital but Ola wants to control dilution.
Earlier, Grabtaxi – Uber’s competitor in Southeast Asia, received a funding of USD 750-million in a round led by Softbank.
Ola has so far raised about USD 1.2 billion from investors such as Softbank, Tiger Global Management, Russian billionaire Yuri Milner’s DST Global and Matrix Partners India. The company was founded by IIT Bombay grads Bhavish Aggarwal and Ankit Bhati.
Source: moneycontrol