Rumour: Hyundai to invest US$ 300 million in Ola

According to a media report, Hyundai and Ola are holding discussions that could result in the Korean carmaker investing US$ 200-300 million and picking up a 4% stake in the ride-hailing firm. Neither Ola nor Hyundai have confirmed this development.

Hyundai's entry could be seen as a move to balance out the influence of Ola's largest investor Softbank, which controls 26% stake in the company. Last month, Sachin Bansal - co-founder of Flipkart, invested Rs. 650 crore in Ola. Other investors in the company include Tiger Global (15%), Tencent (10%), Matrix Partners (8%), DST Global (6%) and Temasek (5%).

In August 2018, Hyundai had invested Rs. 100 crore in car rental startup Revv. The Korean carmaker isn't the only manufacturer to invest in on-demand mobility platforms. Mahindra and Ford have invested in self-drive rental company Zoomcar, while Toyota has picked up stake in Droom - a used car marketplace and auto services company.

Source: Entrackr