Tencent and SoftBank grant $1.1 billion fund to India’s Ola 10/12/2017 | By Aleen Joy Jarasa, EMIS Editor

The country’s largest taxi hailing service plans to use the money to ensure its advantage over Uber

Ola, India’s largest taxi hailing service, has raised $1.1 billion in funding from Tencent, SoftBank and other US-based financial institutions. The money is intended for the company’s plans of maintaining a lead over Uber while expanding its supply, Business Standard has reported.

The company is looking at establishing a globally competitive and futuristic transportation system in India with the help of their new partners, Business Standard said referring to the comments of Ola co-founder and CEO Bhavish Aggarwal.

Meanwhile, Martin Liu, president of Tencent Holdings, has expressed his excitement over their business venture with Ola, noting how uniquely tailored Ola’s local offerings are, Business Standard noted.

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Original source: Business Std
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