Homegrown ride-hailing platform Ola is in discussions with tech US giant Microsoft to raise a funding of around $150-200 million, according to sources. The talks are currently at an advanced stage and would likely last for the next 10 to 15 days.
According to TOI, one of the anonymous sources said that the two giants would continue to deepen their tech partnership in areas like cloud and would also be collaborating on emerging mobility tech, particularly connected vehicles.
The Bengaluru-based firm has raised around $ 3 billion in funding by far from investors, including Ratan Tata, Tencent Holdings, SoftBank, Hyundai Motors, Kia Motors, Sachin Bansal, among others. It has over 200 million riders on its platform across India, Australia, New Zealand, and the UK. The ride-hailing major Ola recently announced setting up of a research unit in the Bay Area of the US to focus on new areas like e-vehicles and united cars.
In September, the firm received Rd 35.8 crore in Series J financing round from ARK Ola Pre IPO Fund & allotted 16,885 shares of Rs 10 each at a premium of Rs 21,240 per piece.
Ola has been striving to turn profitable as it has plans to announce going public in the coming two years. The company had reported a 44% upsurge in its revenue to Rs 1,860 crore in FY’18 from nearly Rs 1,286 crore in FY’17.