Bhavesh Aggarwal must be a proud man today, the company that he had co-founded in 2011 along with Ankit Bhati announced that it has raised $1.1 billion (Rs 7,150 crore) in the latest funding round from venture firms led by Tencent Holdings Ltd, a leading Chinese internet firm.
“Our investors like SoftBank and other US-based financial investors have participated in this round of funding,” said the company in a statement.
As the fresh funds are being infused, Ola is also in talks with other investors to raise an additional $1 billion with new and existing investors.
The current investment of Ola is a good news for Indian economy as its in continuation of billion-dollar investment rounds in the Indian start-up ecosystem this year, with both Flipkart which had raised $2.8 B and Paytm which reportedly had raised $1.4 B earlier this year.
Ola currently operates in 110 cities across India and have cars, auto-rickshaws, bikes on its platform.