Ola Raises $1.1B In Funding; To Make Investments In AI and ML

Ola, Uber’s biggest rival in India, has raised $1.1 billion from China’s Tencent Holdings Ltd and existing investor SoftBank Group Corp. of Japan. The Bengaluru-based ride-hailing company, which has raised around $4 billion since its founding in 2010, is also in “advanced talks” with other investors for an additional $1 billion, it said in an announcement.

With the latest round of funding, Ola plans to make strategic investments in its supply chain and technology, while also making significant investments in technologies such as artificial intelligence and machine learning. Ola will also invest in increasing its fleet of vehicles and presence in Indian cities.

“The transportation and mobility industries are seeing huge changes globally. Our ambition is to build a globally competitive and futuristic transportation system in India that will support and accelerate a nation on the move. Our new partners share our passion for building the future of transportation in India together and we look forward to learning and benefit from their global perspectives and ecosystems,” said Bhavish Aggarwal, co-founder and CEO of Ola.

Subscribe to our Newsletter

Join our editors every weekday evening as they steer you through the most significant news of the day, introduce you to fresh perspectives, and provide unexpected moments of joy
Your newsletter subscriptions are subject to AIM Privacy Policy and Terms and Conditions.

The Bengaluru-based firm, which has a majority market share, is present in 110 cities through bike, auto-rickshaw and electric car offerings.

“Ola’s unique local offerings are tailored to India’s burgeoning transportation needs. The strategic partnership with Ola makes it possible for Tencent to be part of the fast-growing ride-hailing space in the country. We look forward to helping Ola further develop India’s transportation solutions,” said Martin Lau, president of Tencent according to a press release.

Ola, which is the third-most valuable start-up in the country, has been trying to raise fresh capital since June 2016. Prior to this round, it received at least Rs 2,345 crore from SoftBank Group.

While ANI Technologies is not a publicly-traded company, according to regulatory documents, its revenues registered a stellar growth at Rs 758.23 crore during 2015-16 compared to Rs 103.77 crore in the previous financial year. However, Ola suffered a consolidated loss of over Rs 2,311 crore during that fiscal on account of heavy advertising, promotional expenses and other costs.

Priya Singh
Priya Singh leads the editorial team at AIM and comes with over six years of working experience as a journalist across broadcast and digital platforms. She loves technology and an avid follower of business and startup news. She is also a self-proclaimed baker and a crazy animal lover.

Download our Mobile App

MachineHack | AI Hackathons, Coding & Learning

Host Hackathons & Recruit Great Data Talent!

AIMResearch Pioneering advanced AI market research

With a decade of experience under our belt, we are transforming how businesses use AI & data-driven insights to succeed.

The Gold Standard for Recognizing Excellence in Data Science and Tech Workplaces

With Best Firm Certification, you can effortlessly delve into the minds of your employees, unveil invaluable perspectives, and gain distinguished acclaim for fostering an exceptional company culture.

AIM Leaders Council

World’s Biggest Community Exclusively For Senior Executives In Data Science And Analytics.

3 Ways to Join our Community

Telegram group

Discover special offers, top stories, upcoming events, and more.

Discord Server

Stay Connected with a larger ecosystem of data science and ML Professionals

Subscribe to our Daily newsletter

Get our daily awesome stories & videos in your inbox