Ola has announced its latest round of funding of US$1.1 billion led by Tencent Holdings Limited.
Ola’s existing investor SoftBank, in addition to other new US-based financial investors have also participated in this round. Tencent Holdings Limited, a leading Internet company in China, will bring significant expertise to Ola as it furthers its leadership position across the mobility market in India.
Ola is also in advanced talks with other investors to close an additional US$1 billion as part of the current financing round, concluding a total raise of over US$2 billion.
With its latest round of funding, Ola will be making strategic investments in supply, technology, and cutting edge innovations to build for the country’s unique transportation needs. The company will make significant technology investments into Artificial Intelligence and Machine Learning capabilities to solve for India’s unique mobility problems. By doubling down on penetration, Ola intends to go deeper into the Indian market to serve the vast majority of Indians who are looking for affordable and reliable commute and transportation.