Ola Receives dollar 1.1 Billion from Tencent. Ride-hailing service Ola on Wednesday said it has raised $1.1 billion in funding led by Chinese internet major Tencent Holdings Limited. Japan’s SoftBank, an existing investor in Ola, along with new US-based financial investors participated in this round.“Tencent Holdings will bring significant expertise to Ola as it furthers its leadership position across the mobility market in India. Ola is also in ‘advanced talks’ with other investors to close an additional $1 billion as part of the current financing round, concluding a total raise of over $2 billion,” Ola said in a press statement.Ola said it will invest in supply, technology, and cutting-edge innovations to build for the country’s transportation needs. “The company will make significant technology investments into artificial intelligence and machine learning capabilities,” the Ola statement added.The investment is expected to help Ola build its war chest in the battle against Uber, a worldwide ride-hailing colossus, which is rapidly gaining share in the Indian market. Founded in January 2011 by IIT Bombay alumni Bhavish Aggarwal and Ankit Bhati, Ola said it is present in 110 cities across the country with over 14 unique categories to serve the various transportation use cases. These include India-centric categories like auto-rickshaws and bikes.
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