The Bengaluru Startup Ola founded by Bhavish Aggarwal and Ankit Bhati in January 2011 has changed the scene of transportation in India. It is currently operational in 110 cities across the country with services which include online booking of auto-rickshaws, bikes, and vehicles. Recently they have come up with ridesharing in cars called Ola Play
Now they have raised $1.1 Bn funds from Tencent Holdings Limited in the recent round of funding. They are in talks with other investors to close the additional $ 1 Bn taking the current funding to over US $ 2 billion. Now Tencent has added to the existing list of investors with Softbank which holds 40% of stake in the company.
Ola which is in direct competition with Uber is looking forward to spreading its wings further. The investments are utilized to prepare Ola in emerging technologies such as AI and machine learning. The goal being to provide the affordable and reliable commute transportation to public
The Softbank was preparing for a consolidation between Ola and Uber which has hit a roadblock with the entry of Tencent, a Chinese Internet Giant. In case Softbank had got the Ola and Uber consolidated it would have killed the competition in the transportation scene and established a stronghold in the cab aggregator market.
This is the 12th round of investment raised by Ola from the time of its inception in 2011. From these 11 rounds, the Ola had raised funding of $ 3.9 Bn.
The touchscreen of the smartphones has made wonders to our lives today. With apps, life is becoming easier so is covering the distance in metros today. The need addressed here is the working class who are short of time to reach their destination as early as possible. This concept is being taken further by providing sharing cabs now.
With the safety issues being raised recently by the passengers, this needs to be addressed as a priority as this goes a long way in gaining trust from the people.