In­dia’s ride-hail­ing firm Ola raises $1.1bn

Oman Daily Observer - - FRONT PAGE -

BEN­GALURU: Uber’s Indian ri­val Ola said on Wed­nes­day it has raised $1.1 bil­lion from in­vestors led by Ten­cent, the first time the Chi­nese tech giant has put money into the ride-hail­ing com­pany.

Ola and Uber have been in a fierce bat­tle to gain rid­ers and re­tain driv­ers and have spent mil­lions of dol­lars to in­crease their share of the boom­ing mar­ket. Ola said ex­ist­ing in­vestor Soft­Bank was among those pro­vid­ing fresh funds, and that it was seek­ing to raise an­other $1 bil­lion. It cur­rently op­er­ates in 100 Indian cities and said it planned to use the funds for fur­ther ex­pan­sion. It will also in­vest in tech­nol­ogy to find bet­ter ways to tackle the coun­try’s con­gested roads, it said.

— AFP

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