Cab Company Ola has invested Rs 100 crore in car leasing subsidiary in Ola Fleet Technology, this move is aimed to fight the intense competition given by the US based Uber.
The corporate Affairs ministry has given its nod to the company to invest Rs 100 crore into Ola Fleet Technologies as per the documents filed with the ministry department.
In 2015, Ola had announced setting up of a leasing subsidiary to finance cars which can be further added to its platform and it also decided an investment of Rs 5,000 crore.
Ola has witnessed a loss of over Rs 2,311 crore during the fiscal year of 2015-16. Despite the loss, SoftBank has invested Rs 1,675 crore into Ola this year in April.
Ola has successfully raised a whooping amount of investments from investors like Tiger Global, Matrix Partners, Steadview Capital, Sequoia India, Accel Partners US and Falcon Edge which amounts to USD 2 billion.