The Chinese technology giant Tencent has invested $400 million dollars in India’s largest ride hailing company Ola, in a deal that will take the total capital of ride hailing company to $800 million in last 12 months.
According to the latest filing with the Registrar of Companies on Friday, Ola has confirmed that “the company has sold 9.57% of its shares to Copper Technology Pte (a company which is owned by Tencent) for $400 million dollars, at a share for Rs 13,521 apiece.”
A Sources who are familiar with this matter added that “Ola will continue its fundraising and is likely to top up the round further with US institutional investors, to increase its presence in India market.”
Earlier this week ET reported that “Ola has closed its latest round with Tencent and is now waiting for CCI approval.”
It is interesting to learn that, the increasing interest in Ola by investors has come at a time when, Uber one of the biggest rival in India) has facing a internal challenges.