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Capital Markets

India's Ola aims to raise additional $100mn

Operator of ride-hailing app looking to expand

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Bhavish Aggarwal, CEO of ANI Technologies, which operates under the trade name Ola, at a news conference in India last November.   © Reuters

NEW DELHI -- ANI Technologies, which runs the popular Ola ride-hailing service in India, seeks to raise as much as 6.7 billion rupees ($104 million) through convertible bonds in a push to counter encroaching rivals such as Uber Technologies.

The ANI board approved plans to issue the bonds to existing shareholders. The company has not disclosed how the funds will be used, but local news media have reported that the money will be spent on expanding the mainstay Ola taxi dispatch service and other operations. ANI's competitors include U.S.-based Uber, which offers ride-sharing services in roughly 30 Indian cities.

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