Uber’s major rival in India just raised $1.1 billion

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While Uber faces five criminal investigations, its rival in India is ready to fight. 

Ola, the six-year-old ride-hailing company that operates in over 100 cities throughout India, just raked in $ 1.1 billion from major investors. And another billion could be on the way. 

Chinese internet giant Tencent led the funding round, which included participation from SoftBank, which has been on its own major investing spree as of late. Ola is in “advanced talks” with other investors to close an additional $ 1 billion as part of this funding round, pushing its raise over $ 2 billion, Ola said in a press release.  Read more…

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Vodafone merges with rival to create India’s largest phone network

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Vodafone’s India arm has merged with rival Idea Cellular to form the largest cellular service network in India.

The joint entity will have a subscriber base of nearly 400 million and a revenue market share of 41 percent, according to reports.

India with over a billion mobile connections is presently witnessing a telecom war  triggered by Reliance Jio, a low-cost 4G network started by the country’s richest man, Mukesh Ambani.

Jio, which claims to be offering the cheapest mobile data in the world, has lured 100 million customers in super-quick time, sending shivers down the spine of its peers.  Read more…

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