Ola, a ride-hailing unicorn platform, is reportedly in advanced discussion with Microsoft, a tech giant to secure around $150 – $200 million (approx INR 1,050-1,400 crore) in funding, reported ET, citing various sources.
The sources revealed that the talks are at an advanced level and likely to be closed in the upcoming 10-15 days.
The development comes to light merely 10 days after Ola announced its foray into self-drive car rental segment with launch of Ola Drive.
For details: Ola forays into self-drive car rental segment with launch of Ola Drive
Ola, Bhavish Aggarwal and Ankit Bhati-led was founded in December 2010 as an online cab services in Mumbai. It is an online transportation network company developed by ANI Technologies Pvt. Ltd. The company has been expanding its horizons with focus on credit over the last few years.
Ola offers commuters the option of both black cabs and private hire vehicles. The team claims to offer the highest driver rates in the region.
While, one of the sources said that the two companies will continue to their deep technology partnership in areas like cloud, and will also collaborate on emerging mobility technology, especially connected vehicles.
Furthermore, as per the sources, the Bengaluru-based Ola has been working on turning profitable as it plans to launch an IPO in the next few years.
Including Ola, other leading ride-hailing cab services include Grab, Uber, Gett, Meru Cabs, Careem, and many more.