With Singapore\u2019s Temasek picking up a stake in ANI Technologies \u2014 the parent company of taxi-hailing application Ola \u2014 for $200 million, the business is now valued at $3.5 billion, persons familiar with the transaction said. A regulatory filing with the Registrar of Companies (RoC) said the \u201cProposed Combination pertains to the indirect acquisition of less than 10% of the share capital of ANI by Ankit Bhati, Bhavish Aggarwal and MacRitchie through Lazarus from certain existing shareholders of ANI\u2026.\u201d The documents were retrieved by Paper.vc, a data analytics firm. Aggarwal and Bhati are co-founders of the taxi service and in July owned 7.15% and 3.64% of the company, respectively. Ola was valued at close to $3.9 billion in July 2018, according to Paper.vc. The shares have reportedly been bought from a group of investors who bet on the taxi service in its early days. In July, Japan\u2019s SoftBank held 26.1% while Tiger Global had a stake of 15.9%. The Chinese firm Tencent had a shareholding of10.3%. Ola\u2019s losses widened to Rs 4,897.8 crore in 2016-17 while the total income grew 70% to Rs 1,380.7 crore. In the previous year, the company\u2019s income was `810.7 crore. The company had cash and bank balances of approximately Rs3,000 crore. In the Indian market, Ola competes with Uber and while earlier Uber was believed to be the market leader, persons familiar with industry trends said that now Ola commanded a share of more than 60%. Ola\u2019s strategy, experts said, of offering a range of offerings \u2014 including two-wheeler, e-rickshaw and auto rides \u2014 has paid off. The service also includes outstation journeys. It has over 9 lakh vehicles and operates in 115 cities. According to Redseer Consulting, between December 2016 and December 2017, the number of daily rides on taxi-hailing applications increased by 50% from 1.37 million to 2.03 million. The share of pool rides went up by 27% during this period.