Published: Thu, October 12, 2017
Economy | By Shawn Conner

Uber's Indian rival Ola scores $1.1B investment

Uber's Indian rival Ola scores $1.1B investment

As per the company's spokesperson, Ola is also preparing to making investments in a number of emerging technologies, including AI and machine learning.

Ola is also in advanced talks with other investors to close an additional $1 billion, concluding a total raise of $2.1 billion, as a part of the current financing round, the company said in a statement.

Founded in 2011, the startup now operates in 110 cities across India. Prior to this round, Ola got a pre-money valuation of roughly $3-3.3 billion, a sharp drop from the $4.5 billion valuation it commanded in September 2015.

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"As the transportation and mobility sectors are undergoing changes globally, we want to build a competitive system to support a nation on the move", noted Aggarwal.

"Ola's unique local offerings are tailored to India's burgeoning transportation needs", said Martin Laud, president of Chinese investor Tencent.

Ola and Uber now are locked in a dispute over who controls how much of the market. "Our new partners share our passion for building the future of transportation in India together and we look forward to learn and benefit from their global perspectives and ecosystems". It's also been investing heavily in its Ola Play platform to create new experiences during the ride. The strategic partnership with Ola makes it possible for Tencent to be part of the fast-growing ride-hailing space in the country. Internet giant SoftBank, in what is seen as the biggest ever private investment in an Indian technology company, pumped in $2.5 billion in e-commerce major Flipkart.

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India's ridesharing leader Ola announced today it has raised $1.1 billion in a round led by Tencent and SoftBank as the company seeks to put more distance between itself and Silicon Valley's Uber.

Indian tech companies have raised billions of dollars in funding this year.

Separately, Reuters reported citing Meru Cabs' CEO Nilesh Sangoi that the firm had filed four new complaints with the Competition Commission of India, claiming that Uber and Ola were abusing their dominance in four cities by burning vast sums of investor funds to distort the market.

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The company said it plans to go "deeper" into the Indian market-beyond the 110 cities of varying sizes where it operates now.

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