Ola valuation falls to $3 billion after SoftBank’s investment in November
Cab hailing service Ola received Rs1,675 crore ($250 Mn) from its largest shareholder SoftBank Group Corp. in November as part of a bigger funding round that will lower the company’s valuation to about $3 billion from $4.5 billion.
Ola (ANI Technologies Pvt. Ltd) issued preference shares worth Rs1,675 crore to SoftBank in November 2016, documents with the Registrar of Companies show.
For the year ended March 2015, losses at Ola jumped by more than 20 times to Rs754.87 crore even as revenue rose from Rs51.05 crore to Rs418.25 crore.