Japanese finance house and investment group Softbank has signalled a financial write-down in its backing of Indian cab-hailing app Ola.

In an earnings report last week, Softbank revealed a loss of $555 million of “financial instruments” stemming from two its huge investments in India in recent years.

It later confirmed these instruments over a six-month period up to September 30 this year to be Fair Value Through Proft or Loss in its deals to back Ola and Snapdeal.

Softbank was part of a Series E round in Ola in April 2015, led by Russian investment firm DST Global.

The amount raised on that occasion was a massive $400 million, bringing its total at the time to more than $670 million.

Softbank had participated in previous rounds going into the company.

During 2015, Ola had consolidated its position in India with a $200 million cash and shares deal to buy TaxiForSure, India’s second largest taxi firm.

But the company is reported to be needing additional funds to sustain its cashflow and continue its position as the leader in the market, ahead of the well-backed Uber.