Japan’s SoftBank is reportedly in talks with Tiger Global — the second largest shareholder in ANI Technologies — the parent company of online cab aggregrator Ola to buy the latter’s 15 per cent stake in the company for around $500 million. SoftBank which currently holds about 30 per cent stake in Ola, would increase its share to 45 per cent post the deal.
While SoftBank declined to comment on the matter, Tiger Global did not respond to an email query till the time of going to the press. According to Company of Registrar (RoC) filings in November last year, Ola received Rs 1,675 crore in a fresh round of funding at a valuation of $3 billion, which was lower than the valuation of $4.5 billion a year prior to it. Ola, reported revenues of Rs 758.23 crore in 2015-16 and a loss of around Rs 2,313.7 crore.
Earlier this month, SoftBank at its annual earnings call said that it had incurred losses of $1.4 billion (¥160.419 billion) on investments in e-commerce player Snapdeal and taxi aggregator Ola in the period to March 2017.