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SoftBank Internet and Media to invest $210 million in Ola Cabs

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SoftBank Internet and Media, Inc ("SIMI") and ANI Technologies Pvt Ltd (better known as "Ola Cabs" or "Ola") on Monday announced a definitive agreement under which SIMI will lead an investment of $210 million in Ola along with existing investors.

Masayoshi Son, Chairman and CEO of SoftBank Corp. said, " We believe India is at a turning point in its development and have confidence that India will grow strongly over the next decade. As part of this belief, we intend to deploy significant capital in India over the next few years to support development of the market."

Ola, founded in January 2011 by IIT Bombay alumni Bhavish Aggarwal and Ankit Bhati is India's mobile application for cab booking. 

According to reports, Ola's app now hosts more than 33,000 vehicles across 19 major cities in India. The report says the investment and partnership with Ola, SIMI aims to further expand the SoftBank Group's presence in India and drive synergies with its network of Internet companies around the world.

The SoftBank Group comprises SoftBank Corporation and its subsidiaries and associates that offer a comprehensive range of mobile communications, fixed-line communications and Internet services around the world.  

Nikesh Arora, Vice Chairman of SoftBank Corp., CEO of SIMI said that though India has relatively small online market, the company saw a big growth potential. He added, "With today's announcement SoftBank is contributing to the development of the infrastructure for the digital future of India.."

He would be joining the board of ANI Technologies Pvt. Ltd. as part of this strategic investment by SIMI. Morrison & Foerster LLP acted as legal advisor and the Raine Group LLC acted as financial advisor to SoftBank.

 

 

 

 

 

 

 

 

 

 

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