Ratan Tata, chairman emeritus of the holding company of Tata conglomerate, has bought a stake in online taxi-hailing firm Ola, the company said on Wednesday.
Tata , a respected business leader who was the chairman of salt-to-software Tata Sons for more than two decades, has previously invested in start-ups ranging from online retailer Snapdeal to Chinese phone maker Xiaomi.
Ola did not disclose financial details of the investment, but said Tata had taken a stake in his individual capacity.
In most cases, analysts say Tata's investments have not been big, but are considered valuable for startups because of the validation and mentorship these endorsements bring.
Ola, which competes with Uber in India, is the country's biggest online cab service.
Backed by Japan's Softbank, Ola bought TaxiForSure in March for $200 million in one of India's biggest e-commerce deals as the company plans to see off its domestic rivals and the emerging challenge of fast-growing US-based rival Uber.
Copyright©2022 Living Media India Limited. For reprint rights: Syndications Today