Ola raises $1.1 billion from Tencent and SoftBank, says $1 billion more coming
The $1.1 billion funding from Tencent Holdings and existing investor SoftBank gives Ola enough ammunition to keep arch-rival Uber at bay
Bengaluru: India’s largest cab-hailing service Ola (ANI Technologies Pvt. Ltd) has raised $1.1 billion in fresh funding from China’s Tencent Holdings Ltd and existing investor SoftBank Group Corp. of Japan, giving it enough ammunition to keep arch-rival Uber Technologies Inc. at bay, even as the biggest investors in India’s consumer internet ecosystem begin to close ranks.
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