Ratan Tata, chairman emeritus of the holding company of India’s Tata conglomerate, has picked up an undisclosed amount of stake in online taxi-hailing company Ola.
“We are thrilled to share that Mr. Ratan Tata has recently invested in Ola, in his personal capacity. While I am personally very excited about this, as a company we can now learn from the rich experience of one of the finest business leaders of our times.”
posted Bhavish Aggarwal, CEO and Co founder in a company blog.
The former Tata Group chief has been steadily investing his personal equity in a number of startups, since retirement. He has invested in several companies like Snapdeal, Xiaomi, Paytm, Urban Ladder, Bluestone and Cardekho.com and others. Ola currently serves millions of customers in over a 100 cities across India through 150,000 vehicles registered on its platform.
Ola bought TaxiForSure in March for $200 million in one of India’s biggest e-commerce deals. The company also secured $400 million in funding from DST Global and others in April. Last week, Ola integrated TaxiForSure in its mobile app. It competes with Uber and will launch a new pick-up and delivery service this month.