Ratan Tata, chairman emeritus, Tata conglomerate, in his personal capacity has made an investment of undisclosed amount in Mumbai-based cab service provider Ola cabs. In the course of past 12 months he has invested in Snapdeal, Paytm, CarDekho.com, Urban Ladder and Bluestone.
Ola refused to disclose the financial details of the investment, but confirmed Ratan Tata has acquired a stake in the company in his personal capacity, as reported by livemint.
In April 2015, OlaCabs had raised $315M in funding led by DST Global. In March 2015, it had acquired its rival TaxiForSure with an aim of becoming the leader in cab aggregator space. Until the latest funding round by Tata, the company has raised a total amount of $676.8 million in 6 rounds from 16 investors.
The Kolkata-based startup was founded in 2010 by Bhavish Aggarwal and Ankit Bhati. The company claims to have 150,000 vehicles, including, taxis, auto rickshaws and black-and-yellow cabs, in 100-plus cities across the country. Ola’s competitors include other cab service providers such as Uber and Meru.
Apart from providing cab service the company also launched Ola auto service for its customers. It also entered the food market by launching food delivery service in four cities (Mumbai, Delhi, Hyderabad & Bengaluru), as well as started with its own grocery delivery service, ‘Ola Store’.