Ban on #taxi aggregators: Rs 2,000-cr PE money at stake. The ban on taxi aggregators can put at risk investments of at least Rs 2,000 crore, made by private equity (PE) and venture capital (VC) investors. The ban on taxi aggregators such as Uber, Ola Cabs and TaxiForSure are at risk because they cannot operate in the manner they have been doing so far, without the requisite permits in states. Among the aggregators, Ola Cabs has received the highest investment since its launch in 2011. About $280-million worth of PE/VC investment had been taken place in Ola so far. In its latest fundraising, Ola Cabs had raised $210 million (about Rs 1,260 crore) in October from a group of investors led by Japanese telecom and media group SoftBank Corp. This Series-D funding is the largest single round of fundraising by the company so far. Apart from SoftBank Corp, the latest round also saw participation from Olas existing investors, Tiger Global, Matrix Partners India and Steadview Capital. The latest round of investment increased Olas valuation to over $1 billion. Source: BS
Posted on: Wed, 10 Dec 2014 07:26:04 +0000
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