Indian Ride Sharing Service Ola Raises $1.1bn from Tencent, SoftBank, Others (Oct 11, 2017)
Indian ride sharing service Ola, which is the main rival to Uber in that market, is in the process of a large fundraising round, with backing from Tencent, SoftBank, and a variety of others. Ola arguably needed additional funding to be able to compete on more level terms with Uber, while Tencent and SoftBank have invested previously in India and the international ride sharing space respectively, their interests merging in Ola. The biggest risk for Uber in India is another failure and ultimate concession of the market to a stronger local competitor along the lines of what’s happened in China and Russia over the past eighteen months, so it’s clearly not about to give up there. But the two have been battling for supremacy for some time now without an obvious winner, in what’s one of the fastest-growing and potentially one of the largest ride sharing markets in the world.
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