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Despite hefty losses, SoftBank still backs Ola

Ola has already begun to position itself from fast-paced growth to growth with profits in its sight

Alnoor Peermohamed  |  Bengaluru 

India’s largest taxi service aggregator, Ola, reported a threefold increase in losses to Rs 2,313.6 crore for the year ended March 31, 2017, but its largest investor, SoftBank, continued to retain confidence with the company.   Unlike with Snapdeal, the Japanese investment firm’s biggest bet in India that it is desperately trying to sell, SoftBank’s demands from Ola are more on the lines of pulling up its socks, sources said.   SoftBank penalised Ola in its latest round where it invested $250 million at a $3.5-billion valuation, down from $5 billion at which ...

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First Published: Tue, May 02 2017. 00:32 IST
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