Ola lost Rs 6 crore a day during 2015-16. Here's why

Ola posted a consolidated loss of over Rs 2,311 crore in 2015-16

SoftBank-backed cab aggregator Ola posted a consolidated loss of over Rs 2,311 crore — about Rs 6 crore a day — during fiscal 2015-16, on account of heavy advertising and promotional expenses and high employee cost.

The Bengaluru-based firm, which is locked in an intense battle for leadership with US-based Uber, has seen its losses widen about three times from Rs 796.11 crore in 2014-15, Ola said in a filing with the Ministry of Corporate Affairs.

ANI Technologies -- which runs Ola -- did see its revenues registering a stellar growth at Rs 758.23 crore during 2015-16 compared to Rs 103.77 crore