Thursday, March 28, 2024 | Ramadan 17, 1445 H
broken clouds
weather
OMAN
23°C / 23°C
EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

India’s ride-hailing firm Ola raises $1.1bn

1132244
1132244
minus
plus

Bengaluru: Uber’s Indian rival Ola said on Wednesday it has raised $1.1 billion from investors led by Tencent, the first time the Chinese tech giant has put money into the ride-hailing company.


Ola and Uber have been in a fierce battle to gain riders and retain drivers and have spent millions of dollars to increase their share of the booming market. Ola said existing investor SoftBank was among those providing fresh funds, and that it was seeking to raise another $1 billion. It currently operates in 100 Indian cities and said it planned to use the funds for further expansion. It will also invest in technology to find better ways to tackle the country’s congested roads, it said.


— AFP


SHARE ARTICLE
arrow up
home icon