Ola raises $1.1 bn from Tencent, SoftBank; to boost business, take on Uber

Funding comes at a time when SoftBank is in closing stages of finalising massive investment in Ola's chief rival Uber

India’s largest taxi hailing service, Ola, on Wednesday said it had raised $1.1 billion in funding led by Chinese internet giant Tencent Holdings. With this money, it intends to beef up its technology investments, expand supply, and ensure it maintains a lead over rival Uber.

So far, Ola has raised only half of the capital it intended to with the remaining tied to its commitment to Japanese investor SoftBank. The current round includes the capital it raised in December from SoftBank ($250 million), Ratan Tata’s UC-RNT Fund, and Falcon Edge Capital ($100 million). US-based hedge fund Tekne Capital has also