Ola raised $2 billion led by Softbank and Tencent

Ola raised US$2 billion led by Softbank Group Corp and Tencent Holdings Ltd. Ride-sharing startups headquartered in Bengaluru said other participating investors include Ratan Tata, the University of California's investment arm, and several institutional investors. ANI Technologies Pvt. Ltd. which operates Ola Cabs says the funding round is not over and the amount could change.

Tinuku Ola raised $2 billion led by Softbank and Tencent

The latest funding will help Ola to continue its focus in India to build fleet suplay, drivers and strategic technology to compete against Uber. Ola holds US$10 billion Indian market share, but Uber has stepped up pressure through incentives and promotion to drivers.

Ola has received other financing but the latest round is the second largest funding in an Indian startup after Flipkart. SoftBank's Vision Fund and Tencent also invested a total of about US$4 billion in Flipkart this year to compete Amazon.com in the Indian market.

Ola, SoftBank and Tencent have not commented on the latest rounds yet. Previous investors in Ola are Tiger Global Management, DST Global, Accel, Sequoia Capital and others. SoftBank is also rumored to be considering investing millions of dollars in Uber.