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India's ridesharing app Ola raises $1.1 billion in latest round of funding

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Staff Writer | October 11, 2017
Ola, India's most popular app for ridesharing, today, announced its latest round of funding of $1.1 billion led by Tencent Holdings.
app Ola
Asia   Ola is currently present in 110 cities
Ola's existing investor SoftBank, in addition to other new U.S.-based financial investors have also participated in this round.

Tencent Holdings Limited, a leading Internet company in China, will bring significant expertise to Ola as it furthers its leadership position across the mobility market in India.

Ola is also in advanced talks with other investors to close an additional $1 billion as part of the current financing round, concluding a total raise of over $2 billion.

Ola is currently present in 110 cities across the country with over 14 unique categories to serve the various transportation use cases for India's 1.2 billion people.

These include India-centric categories like auto-rickshaws and bikes, as well as vehicles equipped with the world's only connected car platform for ridesharing, Ola Play.

Ola has also pioneered sustainable transportation solutions in the interest of solving for long term problems in the country around congestion and pollution with solutions like Ola Share and Multimodal Electric Vehicles on its platform.