Ola raises $1.1 billion funds in latest round led by Tencent Holdings

Ola raises $1.1 billion funds in latest round led by Tencent Holdings
Ride hailing app Ola on Wednesday said it has raised $1.1 billion in the latest funding round led by Tencent Holdings Limited. Ola's existing investor SoftBank, in addition to other new US-based financial investors, have also participated in this round.

Tencent Holdings Limited, an internet company in China 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, the company said in a statement.

Ola is currently present in 110 cities across the country with over 14 categories to serve the various transportation use cases for India's 1.2 billion people. These include auto-rickshaws and bikes, as well as vehicles equipped with the world's only connected car platform for ridesharing, Ola Play.

“We are thrilled to have Tencent Holdings join us as new partners in our mission to build mobility for a billion Indians. The transportation and mobility industries are seeing huge changes globally. Our ambition is to build a globally competitive and futuristic transportation system in India that will support and accelerate a nation on the move!” Bhavish Aggarwal, Co-founder and CEO of Ola said.

With its latest round of funding, Ola will be making strategic investments in supply, technology, and cutting-edge innovations to build for the country's unique transportation needs. The company will make significant technology investments into artificial intelligence and machine learning capabilities to solve for India's mobility problems. By doubling down on penetration, Ola intends to go deeper into the Indian market to serve the vast majority of Indians who are looking for affordable and reliable commute and transportation, the company added.
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