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Ola raises US $1.1 billion by Tencent Holding Ltd.

Ola raises US $1.1 billion by Tencent Holding Ltd.

Snapshot: Ola has raised US $1.1 billion (approx Rs. 7,157 crore) in its latest round of funding led by Tencent Holdings Limited.

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Cab aggregator Ola has raised US $1.1 billion (approx Rs. 7,157 crore) in its latest round of funding led by Tencent Holdings Limited. Parent company ANI Technologies Pvt. Ltd. has confirmed that it is in advanced talks with other investors to raise an additional US $1 billion (Rs. 6,507 crore), that would make a total raise of over $2 billion. Tencent Holdings Limited, which is an investment firm headed the latest round of funding.

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Softbank, Ola's existing investor along with other US-based investment companies also took part in this funding round. According to the company, the boost in capital will allow it to invest in technology, innovations and supplies like artificial intelligence and machine learning.

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Earlier in November 2015, Ola received its first big round of funding from Baillie Gifford, Tiger Global, SoftBank Group, Falcon Edge Capital, DST Global and China’s Didi Kuaidi to the make a total of US $500 million. Moreover, Ratan Tata’s RNT Capital Advisers LLP and Falcon Edge Capital LLP invested around US $103 million into the company, recently, while the Softbank Group Corp added another $250 million. Ola has also received funding from Tekne Capital Management (US $86 million) as well.

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