Why one startup founder turned down a $1.1 billion SoftBank deal
Aggarwal and Son reached the preliminary deal to inject more cash into the India startup in 2017. Under terms of the agreement, SoftBank would invest $250 million right away and then plow the rest of the $1.1 billion within six months.
- SoftBank 'anxiously' monitoring Saudi Arabia situation, says executive Bangalore-based Ola denies there is a rift with the Japanese company.
- The Japanese conglomerate, led by Masayoshi Son, was an early backer of Ola, but Aggarwal has grown concerned about its influence as SoftBank took a stake in his archrival, Uber Technologies Inc., and then encouraged the rivals to merge.
- Aggarwal avoids gatherings with Son and his portfolio companies when he visits India, according to people familiar with the matter.
- Saudi Arabia contributed nearly half of the capital for Son's $100 billion Vision Fund.