Ola Invests Rs 100 Cr In Ola Fleet Technologies
Cab aggregator Ola has invested Rs 100 crore in its car leasing subsidiary, Ola Fleet Technologies.
The investment comes at a time when the homegrown firm is locked in an intense battle with US-based Uber for leadership in the Indian market.
The proposal for Ola investing Rs 100 crore into Ola Fleet Technologies was accepted by the board of the car leasing arm last month, as per documents filed with the Corporate Affairs Ministry.
The SoftBank-backed Ola had invested Rs 50 crore in the unit in February this year.
Ola did not reply to an emailed query in this regard.
In 2015, Ola had announced setting up of a captive leasing subsidiary to finance cars to be added to its platform and had announced an investment of Rs 5,000 crore.
Through Ola Fleet Technologies, the Bengaluru-b...