Funding
Ola Raises $104 M From Ratan Tata And Falcon Edge
Now, this is something big, Benguluru based cab aggregator Ola raised $104 million from Tata Funds as well as Falcon Edge. It was just a few months back, when SoftBank too invested $250 million in Ola.
The fresh round of funding of $104 million (Rs.670 crore,) from Tata Funds and Falcon Edge help Ola to retain its market position and also continue its battle with rival, San Fransisco based cab aggregator Uber.
According to a consulting firm, Uber and Ola, both had witnessed a four fold increase in their ride numbers when compared to their rides in 2015.
ANI Technologies Pvt., Ltd., operating under the trade name Ola has raised investments over $ 1.5 billion (approximately Rs.9631 crore) from investors like SoftBank, Tiger Global, Matrix Partners, Falcon Edge, Sequoia Capital, Accel Partners US, Steadview Capital among others.
Although the company is attracting many high profile investors, it had recently witnessed a loss of Rs.2311 crores which comes to Rs. 6 crores a day. While Ola is facing issues in the national market, Uber has its own problems in the global market.
From #deleteUber campaign to harassment cases, Uber has been included in many vows so far. And moreover, in the Chinese market, it lost its battle with major Chinese cab aggregator Didi.
Well, seems like the ‘war of cabs’ is never ending.
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