Why one startup founder turned down a US$1.1 bil SoftBank deal
9 April 2019 4:20 AM GMT
SoftBank invested in Ola rival Uber and tried to merge the two companies.
- 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.
- Son struck a preliminary deal to put another US$1.1 billion into Ola to boost his stake to more than 40%, according to people familiar with the matter.
- "We enjoy a cordial relationship with all our portfolio companies, including Ola," said a SoftBank spokeswoman.
- Aggarwal avoids gatherings with Son and his portfolio companies when he visits India, according to people familiar with the matter.
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