Ola has received a fresh round of funding from SoftBank, Tencent and other investors, according to a latest report from Bloomberg. The funding is also backed by venture capital fund jointly run by Indian industrialist Ratan Tata, the University of California’s investment arm and U.S. institutional investors.
The latest round of funding will help the ride hailing company build its supply of vehicles and drivers and also build strategic technology to improve its competitive edge against rival Uber. The report stated that the funding round isn’t finished yet and the amount could change. According to an Economic Times report, Tencent has finalised an investment of $400 million Ola, valuing the startup at over $3.8 billion. In November 2016, SoftBank had invested USD 250 million in Ola.
Earlier this year in May, Ola raised Rs. 670 crore in funding from Falcon Edge, Ratan Tata. It also secured $50 million from New York-based hedge fund Tekne Capital in June. Some reports suggest that Ola was the market leader in August having completed approximately 1.5 million rides per day against Uber’s 1.3 million rides per day.