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Ola's mobile app. Photo: Ola

Ola, an Indian ride-hailing company, confirmed on Wednesday that it has raised $1.1 billion in new funding led by Chinese internet giant Tencent, with participation from existing investors including SoftBank. It also said that it's in advanced talks with other investors to add $1 billion in funding to the round. Bloomberg reported the fundraising earlier this month.

Why it matters: Though Uber has retreated from China, and recently Russia and neighboring countries, it's still hoping to win a big piece of the Indian ride-hailing market. Still, it's become clear that in some parts of the world, local players have certain advantages such as knowledge of the market, an established brand, and government support. Currently, Ola is in 110 cities in India, while Uber is in 30.

Go deeper

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: Coronavirus cases rose 10% in the week before Thanksgiving.
  2. Politics: Supreme Court backs religious groups on New York coronavirus restrictions.
  3. World: Expert says COVID vaccine likely won't be available in Africa until Q2 of 2021 — Europeans extend lockdowns.
  4. Economy: The winners and losers of the COVID holiday season.
  5. Education: National standardized tests delayed until 2022.
4 hours ago - Health

Standardized testing becomes another pandemic victim

Photo: Edmund D. Fountain for The Washington Post via Getty

National standardized reading and math tests have been pushed from next year to 2022, the National Center for Education Statistics (NCES) announced Wednesday.

Why it matters: There’s mounting national evidence that students are suffering major setbacks this year, with a surge in the number of failing grades.

4 hours ago - World

European countries extend lockdowns

A medical worker takes a COVID-19 throat swab sample at the Berlin-Brandenburg Airport. Photo by Maja Hitij via Getty

Recent spikes in COVID-19 infections across Europe have led authorities to extend restrictions ahead of the holiday season.

Why it matters: "Relaxing too fast and too much is a risk for a third wave after Christmas," said European Commission President Ursula von der Leyen.

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