Homegrown cab aggregator Ola has raised $100 million (Rs 670 crore) in the latest round of funding. Investors in the latest round of funding comes from Falcon Edge Capital and Ratan Tata’s UC-RNT capital, a joint venture between Tata and and the University of California Investments, according to documents filed with the Registrar of Companies on May 2.
The Registrar of Companies show that Falcon Edge has infused Rs 402 crore, RNT Capital has invested Rs 268 crore. Ratan Tata had first invested in Ola back in July 2015. Ola posted a consolidated loss of over Rs 2,311 crore — about Rs 6 crore a day — during fiscal 2015-16. The losses were mainly attributed to heavy spending on promotions. The company is expected to use the raised capital to further gain its share in the online cab market and continue to give Uber a tough competition.
Ola had raised $100 funding from Falcon Edge in August 2015 that led the company valuation to $5 billion. The company has a presence in 110 Indian cities compared to Uber’s operations in 29.