Investors not selling, will take legal recourse: Ola

By: |
New Delhi | April 15, 2016 10:00 PM

Taxi aggregator Ola today said that its investors, which include names like industrialist Ratan Tata and Japanese conglomerate SoftBank, are not selling any stake.

Ola CabsReports suggested that Ola investors, including founders Bhavish Aggarwal and Ankit Bhati may sell stake to its US-based rival Uber.

Taxi aggregator Ola today said that its investors, which include names like industrialist Ratan Tata and Japanese conglomerate SoftBank, are not selling any stake.

The Board of ANI Technologies (promoters of Ola) today said “none of its investors are selling stake” and the company “will take legal action against those involved in the malicious and mischievous campaign”.

Reports suggested that Ola investors, including founders Bhavish Aggarwal and Ankit Bhati may sell stake to its US-based rival Uber.

Ola has so far raised over USD 1.3 billion (roughly Rs 8,600 crore) of external funding.

“Ola’s investors expressed their complete faith and confidence in Ola’s success… these (reports) are false, misleading, malicious and were aimed at hurting the Ola brand. The company will take all necessary legal and other actions within its ambit to thwart any such attempt,” Ola said in a statement.

Apart from Tata and SoftBank, other prominent investors include Baillie Gifford, China’s largest taxi-hailing service company Didi Kuaidi, DST Global and Matrix Partners India.

Avnish Bajaj, Board Member at Ola and Managing Director of Matrix Partners India, said no discussions with Uber for selling stake have taken place.

“Even if we are approached anytime in the future, we have no intentions of selling to Uber,” he added.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1IKEA to increase sourcing of toys from India
2India’s crude steel output grows 7.6 pc to 10 MT in Jan: worldsteel
3India’s coal import drops 12% to 181 MT in Apr-Jan