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Tencent, SoftBank lead $1.1B funding round for Uber's Indian rival

Indian ride-hailing startup Ola raised $1.1 billion in the latest funding round led by investors such as Tencent Holdings Ltd. and SoftBank Group Corp.

Ola said it will use the funding round's proceeds to further expand its presence across India. It also plans to invest in artificial intelligence and machine learning capabilities for its platforms, including ride-sharing service Ola Play.

Ola, Uber Technologies Inc.'s rival in India, also revealed that it is in advanced talks with other investors for additional funding of $1 billion.

SoftBank has previously invested about $250 million in Ola.