Japan's SoftBank is set to acquire an additional 10-12% stake in ride hailing cab service Ola's parent company ANI Technologies.
The investment will further increase its holding in Ola by around 50%, ahead of its multi-billion investment in Uber.
As reported by Inc42, Softbank is looking to buy out a portion of Tiger Global’s stake in Ola for around $400m-$500m. SoftBank currently holds a 15% stake in Ola, as Ola previously raised $250m from it.
The investment will give Ola an edge over Uber as it already operates in 110 cities and has integrated other transport options, which includes bikes, auto-rickshaws and electric cars as compared to Uber's presence in just 30 cities.
Ola remains the third most valuable startup in India after Flipkart and Paytm.
Meanwhile, SoftBank may rethink its decision to invest in Uber as it is recently revealed that Uber hid cyberattack that affected personal data of 57 million users for over a year.
Apart from Uber and Ola, Softbank is a major investor in Uber's other Asian rivals Grab and Didi Chuxing.
