Ratan Tata buys Ola cabs stake

Top industrialist Ratan Tata has bought a stake in online taxi-hailing firm Ola, the company said on Wednesday. <g data-gr-id="13">Ola however</g> did not disclose the size of the stake <g data-gr-id="11">taken</g> or the money invested, saying the investment was made by Tata in his personal capacity.

Tata, Chairman Emeritus of Tata Sons, had previously invested in start-ups ranging from online retailer Snapdeal to Chinese phone maker Xiaomi. “Tata’s strong inclination towards transportation as a segment and philosophy of creating widespread social impact through business creates a strong connection to this investment,” the company said in a statement.

Ola, which is backed by Japan’s SoftBank, had in March bought TaxiForSure for $200 million in one of India’s biggest e-commerce deals to take on US-based rival Uber.