<p>City-based cab aggregator Ola has raised its latest round of fundig to the tune of Rs 670 crore ($104.4 million) from investors, including UC-RNT Fund — a venture between Ratan Tata and the University of California.<br /><br />While the UC-RNT Fund has pumped in Rs 267.99 crore, another Rs 402 crore has been infused by FO Mauritius I, according to regulatory filing by ANI Technologies.<br /><br />Ola, which is locked in an intense battle with US-based cab aggregator Uber for market leadership in India, had raised about $250 million from SoftBank in November. <br /><br />Investors aplenty<br /><br />ANI Technologies — which runs Ola — has raised investments of over $1.5 billion from investors, including SoftBank Group, Tiger Global, Matrix Partners, Steadview Capital, Sequoia India, Accel Partners US and Falcon Edge.<br /><br />While Ola has been successful in raising a sizable amount of funds, it continues to bleed on account of heavy advertising and promotional expenses and high employee cost. <br /><br />The company posted a consolidated loss of over Rs 2,311 crore — about Rs 6 crore a day — during fiscal 2015-16.<br /><br /></p>
<p>City-based cab aggregator Ola has raised its latest round of fundig to the tune of Rs 670 crore ($104.4 million) from investors, including UC-RNT Fund — a venture between Ratan Tata and the University of California.<br /><br />While the UC-RNT Fund has pumped in Rs 267.99 crore, another Rs 402 crore has been infused by FO Mauritius I, according to regulatory filing by ANI Technologies.<br /><br />Ola, which is locked in an intense battle with US-based cab aggregator Uber for market leadership in India, had raised about $250 million from SoftBank in November. <br /><br />Investors aplenty<br /><br />ANI Technologies — which runs Ola — has raised investments of over $1.5 billion from investors, including SoftBank Group, Tiger Global, Matrix Partners, Steadview Capital, Sequoia India, Accel Partners US and Falcon Edge.<br /><br />While Ola has been successful in raising a sizable amount of funds, it continues to bleed on account of heavy advertising and promotional expenses and high employee cost. <br /><br />The company posted a consolidated loss of over Rs 2,311 crore — about Rs 6 crore a day — during fiscal 2015-16.<br /><br /></p>
