Ola to raise $2 billion in fresh funding from Tencent, SoftBank

India’s largest ride-hailing company, Ola, is in talks with SoftBank and Tencent to raise up to $2 billion in fresh funding at a time when global rival Uber is recovering from a management shakeup that saw founder Travis Kalanick ousted from the role of chief executive officer.

The deal on the first $1 billion is expected to be closed soon and will not see participation from Ola’s largest investor, SoftBank.

Chinese Internet giant Tencent will lead the sub-round with an investment of $450-500 million, apart from the participation of two global venture capital firms, people familiar with the development said.