Dubai's Jabbar Invests In India's Newest Unicorn As Part Of A $11-Million Round
Earlier this year, Uber's most recent competitor, Ola reportedly sent teams to Dubai to discuss expansion options.
Indian ride-hailing startup Ola, that has just been titled India's newest unicorn, bags $11 million in recent investment round made by different international investors including Dubai-based Jabbar Internet Group, Sweden’s DIG Investments Ab, and US-based Desche Holdings.
Ola is backed by Softbank, Kia Motors & Hyundai, and availed in international markets such as Australia, New Zealand and the United Kingdom during their latest expansion. The company had reportedly sent teams earlier this year to talk expansion plans in the UAE.
Founded by Samih Toukan and Hussam Khoury, Jabbar Internet Group has been actively investing in MENA-based companies, as well as international startups in their early stages. Ola is reportedly the first disclosed late-stage investment made by the VC firm, with its mother company ANI Technologies nearing $6 billion in value.
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Correction: An earlier edition of this article described Ola as India's first unicorn instead of the newest.
