SoftBank's ride-hail ambitions turn to India
SoftBank is seeking to increase its stake in Indian ride-hail company Ola, in which it already owns 25%. According to The Financial Times, the Japanese giant is in talks to buy some or all of a 13% to 14% stake currently held by U.S.-based Tiger Global Management.
Bigger picture: SoftBank basically wants to own global ride-hail, having already invested in China's Didi Chuxing, Southeast Asia-focused Grab, Brazil's 99 and launching a multi-billion dollar tender offer for Uber shares.
SoftBank's investment in all the major players could further consolidation more likely (last year Uber sold its Chinese business to Didi).
- Wrinkle: Ola recently added a requirement that shareholders could only buy stakes from others with approval from the founders and the company's board. It's unclear if they would permit SoftBank's purchase of Tiger Global's stake.