The funds raised will be used primarily for investments in India and China, according to people aware of the development.

1. US-based Uber in July this year had announced to invest USD 1 billion (about Rs 6,400 crore) in India in nine months to expand operations in the country.

2. Interestingly, Tiger Global is also an investor in Ola, which competes with Uber in India.

3. India is a priority market for Uber, which has also quickly become the largest market geographically for it outside the US.

Meanwhile, Ola has inked a pact with global peers – Didi, Lyft and GrabTaxi, that will allow users of these ride sharing apps to seamlessly travel across India, China, the US and Southeast Asia.

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