Burning cash: Ola reports 3-fold jump in losses at Rs 2,313 crore in FY16

India’s leading taxi aggregator Ola reported a threefold increase in losses at Rs 2,313.6 crore for the year that ended March 31 2016, on the hand of increased spending on salaries, marketing and technology.

Ola which is engaged in a battle with global rival Uber has been burning money on discounting rides for passengers while paying drivers hefty sums.

The move saw losses shooting through the roof, but it also yielded strong revenue growth which increased by over seven times to Rs 758.2 crore in the period from Rs 103.7 crore in the previous year, according to regulatory documents sourced