Ride-hailing app Ola today said it has raised USD 1.1 billion in a new round of funding from China's Tencent Holdings Ltd and SoftBank Group, bolstering its war chest to compete against US-based rival Uber. While the funding round is not finished yet, with talks going on to raise another USD 1 billion from a group of investors, the funds will help Ola build its supply of vehicles and drivers as well as technology to fight Uber.