In today’s news: Ola says fuck you to its biggest investor.
… a person close to Ola’s board said the co-founders and some smaller investors made the changes to specifically put restrictions on SoftBank.
Ola’s founders have strengthened their rights relative to SoftBank despite the fact that SoftBank has recently increased its stake in the company after pumping an additional $250 million into Ola in November.
SoftBank owns nearly 40% of Ola, which also counts Matrix Partners, Tiger Global, Sequoia Capital, Steadview Capital, Accel Partners and others as investors.
Snapdeal effect? Ola restricts SoftBank rights, strengthens those of founders, May 18, 2017, at 06:34 PM
Also, in today’s news: Ola finding it hard to raise more funding
It is looking for more but funds have been tough to come by as potential investors have backed off from putting cash into an Uber rival in a sector that is yet to prove it can deliver profits.