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 close at 10,912
RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Sunday, gaining 93.86 points, or 0.87 percent, to close at 10,912.18.
The total trading turnover of the benchmark index stood at SR3.03 billion ($809 million), with 230 stocks advancing and 29 declining.
The Kingdom’s parallel market Nomu also gained 29.13 points, or 0.12 percent, to close at 23,442.91, as 43 stocks advanced and 25 retreated.
The MSCI Tadawul Index added 9.48 points, or 0.65 percent, to end the session at 1,466.52.
Arabian Shield Cooperative Insurance Co. was the best-performing stock of the day, with its share price surging 8.55 percent to SR11.94.
Other top performers included CHUBB Arabia Cooperative Insurance Co., which rose 6.33 percent to SR23.50, and BAAN Holding Group Co., whose shares climbed 6.06 percent to SR2.10.
United International Holding Co. recorded the steepest decline, falling 2.34 percent to SR146.20.
SEDCO Capital REIT Fund also saw its share price drop 2.17 percent to SR6.77, while Saudi Manpower Solutions Co. declined 1.58 percent to SR5.60.
On the corporate front, Saudi Electricity Co. announced the completion of a US dollar-denominated senior unsecured sukuk issuance under its international sukuk program, offered to eligible investors in Saudi Arabia and globally.
According to a Tadawul statement, the company completed the issuance of a three-tranche sukuk with maturities of three, six and 10 years, raising an aggregate $2.4 billion. The sukuk will be listed on the London Stock Exchange’s International Securities Market.
Saudi Electricity Co. closed the session at SR14.09, down 0.57 percent.
Najran Cement Co. said it has secured a mid-term, Shariah-compliant loan of SR50 million from Saudi National Bank to support subsidiary expansion. A bourse filing said the financing will be repaid over five years in semi-annual instalments, with a six-month grace period.
Najran Cement Co. ended the session at SR6.59, up 0.92 percent.
Almarai Co. announced its consolidated financial results for the year ended Dec. 31, 2025, reporting a net profit of SR2.45 billion, up 6.2 percent year on year.
According to a Tadawul statement, the increase was driven by higher revenue growth, disciplined cost control, an improved revenue mix and lower funding costs.
Almarai Co. closed at SR43.60, up 0.97 percent.
