Ola, the Indian online cab aggregator, has successfully raised $1.1 billion in a round of financing which had been ongoing for the past one year. The investors are led by Tencent, the Chinese internet conglomerate. 

Apparently, the cab aggregator according to the media report, is also in advanced talks with other investors to raise another $1 billion, which would take the total raise to around $2 billion. This round, which also has the Softbank, the largest investor in Ola, and other US investors participating, and the round would close by the end of this year.

As per the report, Softbank would continue to remain the largest investor in Ola, but the entry of Tencent would provide a balance.

Ola would be using the funds to improve the supply of drivers. In times, when the driver margins are dropping and driver retention has become a challenge for the cab aggregators, Ola would be leasing business.

It was in November 2016, when Ola had signed a deal with Softbank, when it had raised $250 million from it, and then consequently went to raise $150 million from RNT Capital Advisors, Falcon Edge, and Tekne Capital Management.

The funding comes in a time when Ola’s greatest rival Uber is entangled in controversies.