Ola raises Rs 670 cr in fresh funding

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.

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.

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.

Investors aplenty

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.

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.

The company posted a consolidated loss of over Rs 2,311 crore — about Rs 6 crore a day — during fiscal 2015-16.