The biggest competitor of transportation apps, Ola has revealed the raise of $1.1 billion in funding led by Tencent and this is a company’s big achievement till the date, in its total six-year experience. Ola is in advanced talks to close an additional $1 billion by other investors, rounding up total raise to $2 billion.
The company stated that the Softbank, current investor has participated in this round. The round will be closed by end of the year, said close sources of Ola. Ola will get a post-money valuation of over $4 billion through the round.
The Co-Founder and CEO of Ola said “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!”
Adding to statement Ola said it will have strategic investments in technology, supply, and innovations “to build for the country’s unique transportation needs” and it has planned operations across 110 Indian cities.
Ola seems to continue to be the market leader, according to analytics. The company verticals such as outstation rides and Ola’s auto rickshaw segment have begun to pay off. Though, Uber doesn’t have the auto segment in India but trying to expand UberMoto its bike-sharing service.
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