Can Bhavish Aggarwal upend the electric two-wheeler market, which is now overwhelmingly in favour of scooters?
With regard to his investment in Ola, Bansal said that on the one hand, the ride-hailing major had emerged as a global force in the mobility space and on the other it continued to build deeper for various needs of a billion Indians through its platform. This is the largest funding by an individual in the app cab.
New norms issued as per the Motor Vehicle Aggregator Guidelines 2020 have mandated a cap on surge price, preventing aggregators from charging more than 1.5 times of the base fare.
Ola said it will not charge commission from drivers for the first two months after the launch, allowing them to retain 100 per cent of their earnings from the platform.
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An industry source said the funding was part of an overall $500 million the company is planning to raise, which will value Ola at around $5 billion.
Ola has reported its first operating profit of Rs 89.82 crore for 2020-21, even as the ride-hailing company's revenue declined 65 per cent to Rs 689.61 crore amid COVID-19 induced lockdowns. As per regulatory documents filed by ANI Technologies - the parent company of Ola - it had logged standalone operating profit (profit before finance cost, depreciation, amortisation and tax (EBITDA)) of Rs 89.82 crore in FY21 on a standalone basis, while it had registered a loss of Rs 610.18 crore in the preceding fiscal year.
The two new markets are overwhelmingly dominated by US ride-hailing giant Uber, which has been able to edge out local start-ups
State govt asks the two taxi aggregators to end surge pricing.
Unlike regular cab service providers, taxi aggregators like Uber and Ola are making it easy for the students to juggle work and studies.
Over 1,600 taxis now have these devices installed.
Delhi Chief Minister Arvind Kejriwal says surge pricing is daylight robbery and no responsible govt can allow that.
Its executives are test-marketing the model in New Delhi.
A profession that has become quite lucrative with the advent of Ola Cabs, TaxiForSure and the likes, now hangs in the dark. Anita Babu and Itika Sharma report
India had ordered all unregistered web-based taxi cos to halt operations
65% of respondents find surge pricing by aggregators burdensome.
The Supreme Court on Monday directed Uber to apply for a licence within three weeks to operate in Maharashtra, stressing that cab aggregators cannot function without one. A bench led by Chief Justice of India (CJI) D Y Chandrachud said that an earlier interim order by the Supreme Court that had allowed Uber to operate in the state would not provide legal cover, since an aggregator cannot operate without a licence. It ordered Uber to apply for a licence by March 6, said a report by Bar and Bench.
"This court cannot say that less charges should not be levied by them. After all, the consumers should be benefited. Court cannot exercise this power," it said.
The company is a facilitator of taxis (therefore an intermediary) and is best governed under the IT Act said Neeraj Singhal, Uber's head of expansion in India.
Around half the value of the mark-downs is due to the Japanese currency's appreciation against other currencies.
The Kenyan national was not assaulted and the report lodged in this regard was false, Noida Senior Superintendent of Police Dharmendra Yadav told a press conference in Noida.
Both are focused on the overall transportation business, in which taxi services are only a part; the extended ambit includes autos, motorbikes, cycles, electric vehicles, water transport as well as food delivery services, says Surajeet Das Gupta.
Cab aggregator Ola is laying off 1,400 staff from rides, financial services and food business as revenues declined by 95 per cent in the last two months due to coronavirus pandemic, a note by CEO Bhavish Aggarwal said. In an email to employees, Aggarwal made it clear that the prognosis ahead for the business is "very unclear and uncertain" and the impact of this crisis is "definitely going to be long-drawn for us".
Protesters on Twitter have begun asking people to boycott Ola's service, as mark of disagreement with the company's views
If the alliance works out as planned, it will give a big boost to Mahindra, as it has been struggling with its only car model Verito, managing to sell around 200 units a month
The company did not disclose the valuations at which funds were raised.
Tencent reinforces India's consumer internet story. Ranju Sarkar reports.
Uber on Tuesday said it is laying off about 600 employees in India -- about a quarter of its staff in the country -- as business has taken a major hit amid the COVID-19 pandemic. The development comes days after rival Ola had announced laying off 1,400 people from its rides, financial services and food business.
'The people of India have shown immense faith in the Tata group as they have never broken the trust of Indians.'
App-based taxi aggregator Ola is in talks to raise fresh funding of up to $400 million.
A group comprising top tech startups and unicorns has raised several "serious concerns" over a platform-based gig workers Bill proposed by the Karnataka government, saying it would hurt the ease of doing business. They told the state government the Bill in its current form would hamper operations and increase regulatory and compliance burden on the nascent gig and startup economy, according to sources.
Doctors warn that overwork is leading to lifestyle diseases like diabetes and spondylitis.
Two IIT-B grads cracked the cab aggregator code, tasted success & failure.
With the 21 unicorns collectively valued at $73.2 billion, India is the fourth biggest in terms of unicorns, behind the US, China and the UK, as per the Hurun Global Unicorn List.
The alleged incident took place on December 29, but the victim, a 28-year-old married woman, lodged the complaint on January 1 as the accused Dipak Bamane had warned her not to disclose the incident to anyone, inspector Suryakant Awasthi of Koh-e-Fiza police station said.
Radio taxi service provider Meru Cabs is planning to put in place the next level of driver verification, one liked to biometric identification tool Aadhaar.
Ola's cash reserves are starting to run dry. The company was in talks to raise $1 billion in funding by the end of July, but no announcement has been made as yet
SoftBank's investments in the past two years include $627 million in online-retailing marketplace Snapdeal and leading a $210 million funding round in taxi-hailing app Ola Cabs.
Ratan Tata has invested an undisclosed amount in startup research platform Tracxn.
The government's decision to stop surge pricing by app-based taxi companies Uber and Ola ignores the basic principles of economics to appease a vocal section of the vote bank.
GST impact: Higher lease payouts may hit airlines, cab aggregators.
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