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Tencent invests US$400M in Uber's rival in India

China's Tencent Holdings Ltd. will invest US$400 million in Indian ride-hailing startup Ola, Times News Network reported, citing documents filed with the Registrar of Companies.

The special resolution submitted to the RoC stated that Ola will be issuing 1,908,143 shares to Tencent's Copper Technology at a premium of 13,521 rupees.

The raised capital will help Ola counter SoftBank Group Corp.'s dominance in the company, according to the Oct. 7 report. The Japan conglomerate also participated in the latest funding round with Tencent and other investors.

The news confirms reports last week that the Chinese tech giant participated in a funding round that helped Uber Technologies Inc.'s Indian rival secure US$2 billion in new funding.