News from the afternoon of October 11, Beijing time，As Uber’s biggest competitor in India，Ride-hailing company Ola just raised $1.1 billion through Tencent and SoftBank。

This round of financing will help Ola better compete with Uber，Competing for Indian market share。

Ola said，The company is also negotiating with other investors，Hope to raise another US$1 billion，Bringing the total amount of financing in this round to more than 2 billion US dollars。Informed sources said，After completing financing，Ola’s valuation will reach around US$7 188bet online sports betting billion。Informed sources also revealed，US investors will also participate in the second transaction of this round。

Ola currently operates in 110 Indian cities，They said they will use this financing to increase investment in artificial intelligence technology，And penetrate new areas。

Due to Uber’s recent negative news，So the timing is very favorable for Ola。As an international private car giant with a valuation of US$70 billion，Uber recently appointed Dazra Khosrowshahi as CEO，Former CEO Travis Kalanick resigned due to a series of scandals。The company’s board of directors also experienced internal strife。

But Uber has specifically emphasized the importance of the Indian market before，They also announced in 2015 that they would invest $1 billion in the country that year。

However，Ola has been working hard to develop localized products。For example，Users can hail rickshaws and tuk-tuks, which are popular in the country’s big cities, through the company’s 188bet app app。Uber also developed a similar product。

Ola’s backers have deep pockets。For example，Tencent has previously invested in the Indonesian private car company Go-Jek，Also invested in Mobike。SoftBank invested in Grab and Didi Chuxing in the private car sector。

Informed sources said，Ola will focus on using new funds to develop leasing business，Increase supply by renting vehicles from drivers。In addition，The company can also use the new funds to invest in electric vehicles。

Informed sources said，They will develop the Indian market first，We will consider overseas expansion later。

188bet app download Source: Sina Technology,Original title：《Indian taxi service Ola receives US$1.1 billion in financing，Tencent SoftBank led the investment》.