Ola lost a 4th of $3 billion funding to counter Uber: Report

Indian cab-hailing startup Ola has lost a fourth of its $3 billion overall funds raised from its investors since inception to compete against its American counterpart Uber, according to Bloomberg. To counter the rival, Ola spent nearly ₹5,183.6 crore (around $762 million) in the financial year ended March 2017. Notably, both Ola and Uber are backed by Japanese conglomerate SoftBank.