Ratan Tata invests in Olacabs
Bhavish Aggarwal, founder Ola Cabs said, "With Ola’s vision to impact mobility and transportation in India by creating a valuable citizen utility and a robust entrepreneurial ecosystem, we look forward to seeking inspiration and learning from this association. "
Ratan Tata continues on his spree of investing in next-gen e-commerce ventures with picking up a stake in homegrown competition to Uber -- Ola Cabs.
Ola Cabs said, "We are thrilled to share that Mr. Ratan Tata has recently invested in Ola, in his personal capacity."
Bhavish Aggarwal, founder Ola Cabs said, "With Ola’s vision to impact mobility and transportation in India by creating a valuable citizen utility and a robust entrepreneurial ecosystem, we look forward to seeking inspiration and learning from this association. "
Earlier this year Ola Cabs raised $400 million (Rs 2500 crore). The company also spend nearly half of it to buy TaxiForSure -- a rival cab company. The four year old company has a presence in over 100 Indian cities with over 2 lakh drivers and plans to double the number by the end of current year.
Ratan Tata has previously invested in companies like Snapdeal, Xiaomi and Paytm.
Earlier this year, Tata had lamented about the inflated valuations of start-ups but said that the young entreprenuers must be supported.