wordpress blog stats
Connect with us

Hi, what are you looking for?

Funding spree on: Ola raises $1.1B from Tencent and others, to raise $1B more

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…

Please subscribe/login to read the full story.
Written By

Writes about e-commerce, social media, tech and Internet ecosystem.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

Studying the 'community' supporting the late Sushant Singh Rajput (SSR) shows how Twitter was gamed through organized engagement

News

Do we have an enabling system for the National Data Governance Framework Policy (NDGFP) aiming to create a repository of non-personal data?

News

A viewpoint on why the regulation of cryptocurrencies and crypto exchnages under 2019's E-Commerce Rules puts it in a 'grey area'

News

India's IT Rules mandate a GAC to address user 'grievances' , but is re-instatement of content removed by a platform a power it should...

News

There is a need for reconceptualizing personal, non-personal data and the concept of privacy itself for regulators to effectively protect data

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ