BANGALORE: Uber’s Indian rival Ola said Wednesday it has raised $1.1 billion (SR4.12 billion) from investors led by Tencent, the first time the Chinese tech giant has put money into the ride-hailing company.
Ola and Uber have been in a fierce battle to gain riders and retain drivers and have spent millions of dollars to increase their share of the booming market.
Ola said existing investor SoftBank was among those providing fresh funds, and that it was seeking to raise another $1 billion.
It currently operates in 100 Indian cities and said it planned to use the funds for further expansion.
It will also invest in technology to find better ways to tackle the country’s congested roads, it said.
Tencent President Martin Lau said the investment in Ola would enable the company to be part of India’s “fast-growing ride-hailing space.”
Ride-hailing apps have risen rapidly to become a booming industry in India’s congested cities, but face stiff resistance from traditional taxis and bans over safety concerns.
The country’s growing taxi app market is projected to be worth $7 billion by 2020.
India’s ride-hailing company Ola raises $1.1 billion from investors led by Tencent, SoftBank
India’s ride-hailing company Ola raises $1.1 billion from investors led by Tencent, SoftBank
Closing Bell: Saudi main index rises to 10,894
RIYADH: Saudi Arabia’s Tadawul All Share Index extended its upward trend for a third consecutive day this week, gaining 148.18 points, or 1.38 percent, to close at 10,893.63 on Tuesday.
The total trading turnover of the benchmark index stood at SR6.05 billion ($1.61 billion), with 144 listed stocks advancing and 107 declining.
The Kingdom’s parallel market Nomu also rose by 81.35 points to close at 23,668.29.
The MSCI Tadawul Index edged up 1.71 percent to 1,460.89.
The best-performing stock on the main market was Zahrat Al Waha for Trading Co., with its share price advancing 10 percent to SR2.75.
Shares of CHUBB Arabia Cooperative Insurance Co. increased 8.27 percent to SR23.04, while Abdullah Saad Mohammed Abo Moati for Bookstores Co. saw its stock climb 6.17 percent to SR50.60.
Conversely, the share price of Naseej International Trading Co. declined 9.90 percent to SR31.48.
On the announcements front, Arabian Drilling Co. said it secured three contract extensions for land rigs with energy giant Saudi Aramco, totaling SR1.4 billion and adding 25 active rig years to its backlog.
In a Tadawul statement, the company said one rig is currently operational, the second will begin operations by the end of January, and the third — currently suspended — is expected to resume operations in 2026.
Since November 2025, Arabian Drilling has secured seven contract extensions amounting to SR3.4 billion, representing 55 committed rig years.
The three contracts have durations of 10 years, 10 years, and five years, respectively.
“Securing a total of SR1.4 billion in new contracts and expanding our backlog by 25 rig-years demonstrates both the trust our clients place in us and our ability to consistently deliver quality and reliability,” said Ghassan Mirdad, CEO of Arabian Drilling, in a statement.
Shares of Arabian Drilling Co. rose 3.15 percent to SR104.70.
Separately, Alkhorayef Water and Power Technologies Co. said it signed a 36-month contract valued at SR43.35 million with National Water Co. to operate and maintain water networks, pumping stations, wells, reservoirs, and related facilities in Tabuk.
In October, Alkhorayef Water and Power Technologies Co. announced it had been awarded the contract by NWC.
In a Tadawul statement, the company said the financial impact of the deal began in the fourth quarter of 2025.
The share price of Alkhorayef Water and Power Technologies Co. declined 0.49 percent to SR120.70.
