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Ola Said to Raise $2 Billion in New Funding From SoftBank, Tencent 1d6k40

By Reuters | Updated: 3 October 2017 10:25 IST
Ola Said to Raise $2 Billion in New Funding From SoftBank, Tencent
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India's ride-hailing company Tencent Holdings Ltd, Bloomberg reported, citing a person familiar with the matter. 1qiv

The funding round isn't finished yet and the amount could change, the person said.

The funding is also backed by venture capital fund tly run by Indian industrialist Ratan Tata, the University of California's investment arm and US institutional investors, Bloomberg said, citing people familiar with the deal.

Japan's SoftBank has been looking to play consolidator in India's flourishing startup ecosystem with investments that include about $1 billion in e-commerce company Grofers.

Ola and SoftBank declined to comment, while Tencent was not immediately available for comment.

© Thomson Reuters 2017

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