The funding round isn't finished yet and the amount could change, the person said.
The funding is also backed by venture capital fund jointly run by Ratan Tata, the University of California's investment arm and U.S. institutional investors, Bloomberg said, citing people familiar with the deal.
Japan's SoftBank has been looking to play consolidator in India's flourishing startup ecosystem with investments that include about $1 billion in e-commerce company Snapdeal and $70 million in grocery delivery group Grofers.
Ola and SoftBank declined to comment, while Tencent was not immediately available for comment.
© Thomson Reuters 2017
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