VTC : Ola, a competitor of Uber, up $ 1.1 billion, and accelerates in India

Ola, competitor indian Uber, announced on Wednesday the raising of $ 1.1 billion from a group of investors, among which is the chinese group Tencent.

This is the first time that a chinese giant internet invests in the indian company, whereas the market of passenger cars with driver (VTC) is booming in India.

Of the shareholders, chinese and japanese

Previously, Didi Kuaidi, the operator of the main chinese platform of taxis and the VTC, which has since become Didi Chuxing, had already taken an interest in Ola, when he was a partner in this project with several other investors, including the group of japanese telecom Softbank.

Ola, who said on Wednesday that Softbank was again part of the investors who have put hand to the portfolio, seeks one billion dollars plus. The indian company is currently present in 100 indian cities and counts on the money raised to finance its expansion.

A market in “rapid expansion”

For his part, the president of Tencent, Martin Lau explained that the investment in Ola would allow his group to put a foot in a market of VTC in the “rapid expansion”.

The applications of VTC is booming in India because of the chronic problems of urban traffic. But they are facing strong resistance from taxis that are traditional.

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