SoftBank set to take driver's seat in Ola

Japanese firm to pay $400-500 million to buy 10-12% stake from Tiger Global, taking its holding in ride-hailing firm to around 50%

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An employee speaks over his phone as he sits at the front desk inside the office of Ola cab service in Gurugram (Photo: Reuters)

Alnoor Peermohamed Raghu Krishnan Bengaluru

Last Updated : Nov 22 2017 | 4:43 PM IST

Japanese investment giant SoftBank is close to acquiring an additional 10-12 per cent stake in ANI Technologies, the parent company of Ola, to increase its holding in the ride-hailing firm to around 50 per cent ahead of its planned investment in global rival Uber.

SoftBank will pay between $400 million and $500 million to Tiger Global, the second-largest backer of Ola, to give the US firm a partial exit, people familiar with the development told Business Standard on condition of anonymity.

Currently, Tiger Global holds around 15 per cent stake in Ola, while SoftBank, which has invested over $500 million

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