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Uber’s major rival in India just raised $1.1 billion

Uber's major rival in India just raised $1.1 billion

  • Uber’s major rival in India just raised $1.1 billion – – – – – – – – Ola in Kolkata, India.Image: Bikas Das/AP/REX/Shutterstock – By Emma Hinchliffe2017-10-11 14:43:18 UTC – – – – – While Uber faces five criminal investigations, its rival in India is ready to fight.
  • Ola, the six-year-old ride-hailing company that operates in over 100 cities throughout India, just raked in $1.1 billion from major investors.
  • Ola is in “advanced talks” with other investors to close an additional $1 billion as part of this funding round, pushing its raise over $2 billion, Ola said in a press release.
  • Ola plans to use this $1—and maybe $2—billion to invest in artificial intelligence and machine learning tailored to India’s mobility needs.
  • Uber only operates in about two dozen cities throughout India.

Ola wants to win in India.

Uber’s major rival in India just raised $1.1 billion

Ola in Kolkata, India.Image: Bikas Das/AP/REX/Shutterstock

By Emma Hinchliffe2017-10-11 14:43:18 UTC

While Uber faces five criminal investigations, its rival in India is ready to fight. 

Ola, the six-year-old ride-hailing company that operates in over 100 cities throughout India, just raked in $1.1 billion from major investors. And another billion could be on the way. 

Chinese internet giant Tencent led the funding round, which included participation from SoftBank, which has been on its own major investing spree as of late. Ola is in “advanced talks” with other investors to close an additional $1 billion as part of this funding round, pushing its raise over $2 billion, Ola said in a press release. 

“We are thrilled to have Tencent Holdings join us as new partners in our mission to build mobility for a billion Indians,” Ola CEO Bhavish Aggarwal said in a statement. “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.”

Ola plans to use this $1—and maybe $2—billion to invest in artificial intelligence and machine learning…

Uber’s major rival in India just raised $1.1 billion

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