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Ola raises $1.1b to take on Uber

BENGALURU

Uber’s Indian rival Ola said on Wednesday it has raised $1.1 billion from investors led by Tencent, the first time the Chinese tech giant has put money into the ride-hailing company.

Ola and Uber have been in a fierce battle to gain riders and retain drivers and have spent millions of dollars to increase their share of the booming market.

Ola said existing investor SoftBank was among those providing fresh funds, and that it was seeking to raise another $1 billion.

It currently operates in 100 Indian cities and said it planned to use the funds for further expansion.

Agencies