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Ola raises $1.1 billion funding from Softbank and Tencent

Ride-hailing app also in touch with other investors to raise another $1 billion

ola raised funding from softbank and tencent

Uber’s biggest rival in India, “Ola” just announced that it raised $1.1 billion from investors including Softbank and Tencent.

“We are thrilled to have Tencent Holdings join us as new partners in our mission to build mobility for a billion Indians”, said the CEO of Ola, Bhavish Aggarwal.

The Indian-based company also revealed that it is trying and will hopefully lead to another $1 billion investment from some other important investors. Names of those investors are not disclosed yet.

If Ola succeeds in getting an additional $1 billion, its total financing would get close to $4 billion, giving it a massive war chest against Uber.

Recently Uber had gone through some huge leadership changes resulting in embarrassing public fighting among its board members. While Uber is still trying to recover from the stormy situation, Ola is trying it’s best to grow faster and earn dominancy.

Ola started in 2011, while Silicon Valley’s Uber was introduced two years later in 2013. The first two years helped Ola to know its home market better and to ramp up faster.

Currently Uber runs in 26 cities of India with 250,000 drivers. However, Ola covers 110 cities with 450,000 drivers. The company took up a wide range of vehicles, from Rickshaws to bikes to standard cars, attracting more and more customers. The company has also been investing heavily in its “Ola Play platform” to create new experiences during the ride.

“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”, said Mr. Aggarwal.

The company says that this new financing will help it to continue investing in tech and product development, focusing on AI and machine learning to power its system. The money will also be used for expanding business and hiring more drivers.

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