Ola raises $350 million at valuation of $3.5 billion

The report says that the company has been looking to raise money for the last six months, and finally had to settle for a lower valuation than what the management was hoping for.

The last time Ola raised funding was in November 2015, when it raised USD 500 million at a valuation of about USD 5 billion. Owned by ANI Technologies Private Limited, Ola, since its inception has received USD 1.23 billion in funding from a wide array of investors like Tiger Global, Softbank Capital, Sequoia Capital etc.According to Ola’s latest profit and loss details, the cab aggregator posted a loss of Rs 755 crore against revenues of Rs 418 crore.App-based cab aggregator leaders Ola and Uber are both treading rough waters amidst drivers agitating against low rate of remunerations and low incentives. The aggregators were also dealt a body blow as local governments also banned shared rides, which is one of the major revenue generators for the cab operators.