Uber gets funding from Ola's lead investor
New York-based marquee investor Tiger Global, which has funded several startups in India, has been in the newsrecently for getting cautious on writing big cheques.
But the venture capital firm, which has powered the likes of Ola, Flipkart and Quikr over the years, is now in the spotlight for a fresh company in its portfolio.
US-based taxi aggregator company Uber is going for another round of funding, around $2.1 billion, and Tiger Global is one of the lead investors, international news reports have said. The latest round of funding could value Uber at as much as $62.5 billion.
But the venture capital firm, which has powered the likes of Ola, Flipkart and Quikr over the years, is now in the spotlight for a fresh company in its portfolio.
US-based taxi aggregator company Uber is going for another round of funding, around $2.1 billion, and Tiger Global is one of the lead investors, international news reports have said. The latest round of funding could value Uber at as much as $62.5 billion.
Ola, Uber's rival in India, which had last month announced raising $500 million from a clutch of investors including Tiger Global, did not comment on the matter. Uber too refused to comment.
Apart from Ola, Tiger Global funds other rivals of Uber including Didi Kuaidi, often referred to as China's Uber. Singapore's GrabTaxi is also on Tiger Global's international portfolio. Tiger
Global's alliance with Uber is believed to have upset a lot of other investors, reports suggested.
Competition in the cab aggregation space is turning out to be cut throat. Reports on Tiger Global funding Uber coincided with Ola joining a global platform which is often referred to as an anti-Uber Coalition.
Ola, Didi Kuaidi (from China), Lyft (US) and GrabTaxi (Singapore) have announced a strategic partnership for a global rideshare partnership between the four companies.
"This is an extension of the strategic partnership between Lyft and Didi Kuaidi, earlier in September," Ola said in a statement. Together, these companies now cover nearly all of Southeast Asia, India, China and the United States, reaching nearly 50% of the world's population.
Ola, Didi Kuaidi (from China), Lyft (US) and GrabTaxi (Singapore) have announced a strategic partnership for a global rideshare partnership between the four companies.
"This is an extension of the strategic partnership between Lyft and Didi Kuaidi, earlier in September," Ola said in a statement. Together, these companies now cover nearly all of Southeast Asia, India, China and the United States, reaching nearly 50% of the world's population.
Replying to a question on the anti-Uber coalition, Uber India head Amit Jain had recently told Business Standard in an interview that they are welcome. Let's see what then can do together what they could not do alone. I would say, bring it on.
Ola, which has raised $1.3 billion and is valued at around $5 billion, is estimated to have a market share of 80% in India. Jain put Uber's share at 40% plus in the country.
That of course adds up to much more than 100%, without even counting the other players in the market. Analysts said the gap between the two is narrowing even though market share of each player is yet to be verified.
Ola, which has raised $1.3 billion and is valued at around $5 billion, is estimated to have a market share of 80% in India. Jain put Uber's share at 40% plus in the country.
That of course adds up to much more than 100%, without even counting the other players in the market. Analysts said the gap between the two is narrowing even though market share of each player is yet to be verified.
Besides Tiger Global Management, Uber's investors in the latest funding round would be T Rowe Price, reports have said. The American cab aggregator has already raised over $10 billion before the latest round of $2.5 billion.
No comments:
Post a Comment