Arming itself for a major onslaught on Uber, Ola is reportedly in talks with Singapore’s sovereign wealth fund Temasek and other investors for a potential investment of up to $1 billion in the company. People familiar with the matter have revealed that the deal is expected to raise Ola’s valuation to $6-7 billion and will also include a secondary sale of shares by a number of former investors.
It is speculated that an investment from Temasek, which also holds stake in Uber’s Southeast Asian rival Grab, might help Ola beat the competition in the market. Additionally, the report points out that Softbank, Ola’s largest backer since 2014, recently picked up a major stake in Uber, which has sparked speculation about a merger or an acquisition of Uber’s India operations.
