Ola co-founder Bhavish Aggarwal is fighting to maintain his independence against SoftBank Group Corp.
The deal would be valued at about 34 billion rupees ($480 million) at the top of the price range.
The upcoming elections have increased the influence of local retailers that lobbied for growth-crimping curbs on the US giants.
It’s been less than three months since Binny Bansal’s shock ouster from Flipkart, the e-commerce giant he founded over a decade ago. The entrepreneur once celebrated for jumpstarting India’s internet retail industry is now dedicating himself to helping other founders get their startups off the ground. Bansal, who departed after… Read more »
What’s clear is that Amazon and Walmart now have to re-tool their strategy and potentially ward off stiffer competition from physical retailers or local rivals with deep pockets.
Reliance intends to take on the world’s largest retailers by combining his Jio service, mobile devices and a vast physical retail network.
The rules require online marketplaces to treat all vendors equally, effectively barring foreign companies from featuring exclusive products on their platforms, owning inventory, and thus being able to influence pricing and offer huge discounts.
Reddy will become the fund’s first venture partner and will be investing.
The chain Agarwal started in 2013, Oyo Hotels, has already become the largest in India, a chaotic market worth $4.5 billion.
From WhatsApp to Ant Financial, internet giants are joining a race to provide financial services in the world’s fastest-growing mobile arena.