Both Ola and Snapdeal are looking at raising fresh funds to sustain operations amid growing competition from rivals.

Japan’s SoftBank Corp has booked an investment loss of 58.14 billion yen ($560 million) on its investments in India including cab-hailing firm Ola and e-commerce company Snapdeal.

In the earning statement for six months ended September 30, SoftBank wrote off 58.14 billion yen in the value of shares in its investments in India, which include ANI Technologies, owns country’s largest cab aggregator Ola, and Jasper Infotech, which runs e-commerce marketplace Snapdeal.

Of that, 29.62 billion yen was due to a currency impairment.
“Gain or loss arising from financial instruments at FVTPL (fair value through profit or loss) comprises mainly changes in fair value of preferred stock investment including embedded derivatives, such as ANI Technologies Pvt Ltd and Jasper Infotech Private Limited in India, designated as financial assets at FVTPL,” SoftBank said in the earnings statement.

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