Cab aggregator Ola’s board has approved raising up to $100 million from existing shareholders, primarily to fund its expansion plans.
However, it could not be immediately ascertained how much the company raised through the issue.
After selling its China business to rival Didi, Uber has made India one of its top priorities. It has made significant investments in its India operations, strengthening its platform and expanding its driver partner ecosystem.
Ola, which has a presence in 110 Indian cities compared to Uber’s operations in 29 cities, has also been aggressively expanding its portfolio of services.
It is also placing big bets on new technologies like electric vehicles to stay ahead of competition.
[“source-ndtv”]