ANI Technologies, which runs cab-hailing service Ola, has put in fresh capital of Rs 50 crore into its cab-leasing business Ola Fleet Technologies, according to regulatory filings sourced by data intelligence platform Paper.vc.
ANI Technologies has been investing significant money in the cab-leasing business. This year in February, the company had put in `50 crore in Ola Fleet Technologies and prior to that in November last year, it had invested Rs 100 crore.
Ola Fleet’s net loss widened 433% to `71 in FY17 against `13.3 crore in FY16, according to regulatory filings. The company posted 18-fold increase in operating revenue to `98.4 crore in FY17 from just Rs 5.6 crore in FY16.
The recent funding comes on the back of Ola receiving fresh funds of $50 million from Hong Kong-based Sailing Capital and China-Eurasian Economic Cooperation Fund (CEECF).
With this, Ola’s valuation has upped at about $4.3 billion. Together, two investors will hold a combined equity of more than 1% in the company. The new fund raising process is part of Ola’s plan to raise funds of about $1 billion.
Last year in October, Ola had raised $1.1 billion from China’s Tencent Holdings and Japan’s SoftBank, which is also an existing investor. At the time Ola was valued in the range of $3 billion-4 billion.
Ola posted a 70% surge in revenues to `1,286 crore in FY17 from `758 crore in FY16, as per regulatory filings. Losses widened to `4,897.8 crore in FY17 from `3,147.9 crore in FY16.