While its rival is in distress, Cab aggregator Ola (ANI Technologies) confirmed it raised $1.1 billion led by Tencent Holdings Limited in the latest round of funding. Ola’s existing investor SoftBank, in addition to other new US-based financial investors also participated in the round. Moreover, the cab aggregator said in a statement that 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 will be using fresh capital for making investments in supply, technology, innovations, and going deeper into Indian market it said in a statement. It added that Ola will invest in technologies like Artificial Intelligence and Machine Learning capabilities. Ola is currently present in 110 cities across the country with over 14 transportation categories like auto-rickshaws, bikes, and cars. Previous funding -Ola recently raised $36 million (Rs 231 crore) from New York’s Tekne Capital Management in August. Two months before that, It had raised $50 million from Tekne in June. -In May, Ola raised Rs 670 crore from Ratan Tata’s venture fund RNT Capital Advisers LLP and US hedge fund Falcon Edge Capital LP. And, $250 million from Japan’s SoftBank Group Corp, in April. -In November 2015, Ola Cabs raised Series F funding worth $500 million from Baillie Gifford, Falcon Edge Capital, Tiger Global, SoftBank Group, DST Global and China’s Didi Kuaidi. India: Ola vs Uber and others While Uber's distress is not settling down globally or India for reasons like driver's misbehavior, sexist ads, bad workplace or privacy issues , Uber is still…
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