Indian cab app Ola raises $1.1bn from Tencent and Softbank as competition with Uber steps up

Indian cab hailing service Ola has raised $1.1bn from investors, led by China’s Tencent Holdings and its existing shareholder Japan’s SoftBank Group, to expand its presence in India.
As reported by Reuters, Ola would invest in artificial intelligence and machine learning capabilities, which includes technologies such as its in-car entertainment platform called Play that allows riders to choose music and stream videos. 
Ola has previously raised $250m from SoftBank and is further