According to the latest news, India’s largest taxi company Ola cabs has raised $ 50 million (Rs 322 crore) from New York based hedge fund Tekne Capital Management LLC as part of the company’s ongoing funding round.

The Economic Times revealed that the last round of financing will increase Ola’s appraisal to about $ 3.65 billion from $ 3.5 billion in February, according to two people familiar with the development. In August 2015, the value of the company was $ 4.8 billion.

The financial newspaper also noted that Ola is talking to many other investors, including Coatue Management LLC, to spend more money on this round.

In the past month, the Bangalore-based company raised Rs 670 crore from a new funding from Ratan Tata’s venture fund RNT Capital Advisers LLP and US hedge fund Falcon Edge Capital LP.

Financing comes at a time when Ola’s big competitor, Uber Technologies Inc, is facing a number of issues. In addition, Uber’s board of directors wants to temporarily leave Travis Kalanick.

Ola, in order to gain market share and in order to prevent competition its from Uber, it is burning a lot of cash.

Ola reported that net losses in the consortium for the period of 2015-16 have tripled to Rupees 2,311.7 million, while total expenditure has increased Rs 3,078.19 crore from Rs 899.7 billion in the previous financial year. During the period the activity rose from Rs 57.5 crore to 438.6 crore.

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