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OLA likely to get $200 Mn funding from Microsoft

OLA

Ola, the ride-hailing company is all set to raise funding of about USD 150-200 Mn from the tech giant Microsoft, as per the sources.

The sources known to the development have said the discussions are at an advanced stage and both the companies are likely to close it in the next 15 days.

However, both the companies refused to comment on the reports.

Both the companies had joined hands in 2017, in order to build a new connected vehicle platform for the car markers globally.

As per the sources, “the two companies will continue their deep technology partnership in areas like cloud, and will also collaborate on emerging mobility technology, especially connected vehicles.”

With around 200 million riders in India, UK, Australia, and New Zealand, Ola had announced recently that it has set up a research unit in the Bay Area of the US. The company aims to set this unit was to focus on new platforms like e-vehicles and connected cars.

Ola which has a major competition for market leadership with Uber in India has raised funding of about USD 3 million recently. Ratan Tata, Kia Motors, Sachin Bansal, Hyundai Motor Company, SoftBank, Tencent Holdings and others were the major investors.

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