Ola In Advanced Talks for an Additional USD 1 billion with Tencent

Ola, Uber’s fiercest rival in India, has raised $1.1 billion from investors including Chinese internet giant Tencent and Japan’s SoftBank.

The funding will help Ola bolster its position against the US-based rival Uber. Ola revealed it is also in advanced talks to raise another $1 billion from different investors, bringing the total funding round to just over $2 billion.

Ola will focus on boosting its leasing business with the new money, according to a source. It leases cars to drivers who want to drive for Ola in order to boost supply. The funding will also allow it to invest in electric cars.

Leave a Reply

Your email address will not be published. Required fields are marked *

Make Correct Pattern to CommentWordPress CAPTCHA