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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.
Uber and Ola continued to operate in New Delhi while their licence applications were pending approval.
Maruti Suzuki said there are many reasons for this downturn in the auto market such as liquidity crunch, increased prices of products due to regulatory issues, higher taxes and rise in insurance rates.
State govt asks the two taxi aggregators to end surge pricing.
The entry of SoftBank-backed Ola into the electric scooter (e-scooter) segment is set to power up the overall market and perhaps fast-track the adoption of battery-operated vehicles. But for manufacturers of internal combustion engine (ICE)-powered two-wheelers, such as Bajaj Auto, Hero MotoCorp, and TVS Motor, it will be a double whammy. Not only will they have to contend with the aggressive pricing of Ola's scooter and incur a loss at each unit of the e-scooter sold, the volumes of their regular (ICE) models, too, could feel the squeeze, observed analysts. Ola is expected to price its e-scooter in the range of Rs 85,000-1.1 lakh.
The new Ola app will allow fleet owners to track their cars in real-time, view the performance of their drivers, and even their daily earnings
While the cab aggregators offer incentives as they battle each other for more customers, drivers complain that their earnings have halved in the last six months. Alnoor Peermohamed reports.
Ola wants to be India's answer to Grab, which is into everything, starting from cab service and logistics to bike taxis and food and grocery delivery.
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.
US-based ride hailing firm accuses rival of making false bookings on its platform, drags it to Delhi High Court.
According to company executives, the situation might worsen in the coming days.
'Shape up or ship out' message has been loud and clear across the new-age companies in the stressed market conditions
Uber is suing Ola for $7.5 million to compensate for lost revenue and goodwill, alleging the Indian market leader created about 94,000 fake user accounts with the ride-hailing service and used them to make more than 405,000 false bookings
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".
From the Sensex pack, Adani Ports & Special Economic Zones, Mahindra & Mahindra, Reliance Industries, HDFC Bank, Larsen & Toubro, NTPC, State Bank of India, UltraTech Cement and Kotak Mahindra Bank were the major gainers. In contrast, Tata Steel, Titan, Bajaj Finserv, JSW Steel, Bajaj Finance, Hindustan Unilever, ITC, Tata Motors and Tata Consultancy Services were among the laggards.
Ola did not disclose financial details of the investment.
Focus on the quality of work and not on the quantity, as one can change the world in 10 hours, Mahindra Group Chairman Anand Mahindra said on Saturday, joining the debate on a 90-hour work week.
Raghu Krishnan profiles the man in the eye of the storm at Infosys.
Around half the value of the mark-downs is due to the Japanese currency's appreciation against other currencies.
With nearly 100 launches and unveils, the Bharat Mobility Global Expo 2025, held in Delhi from January 17 to 22, made one thing clear to automobile enthusiasts: Electric vehicles (EVs) are the way ahead for the Indian auto market for years to come.
Uber started its business three years ago in India and is now operating in over 20 cities with thousands of cab drivers.
None of the top five start-ups launched by IITians - Flipkart, Zomato, Ola Cabs, Housing.com and Inmobi - were incubated at IITs
Just a few weeks ago, the Centre has come out with the long-awaited Motor Vehicle Aggregator Guidelines, which have drawn a dismayed response from the companies concerned.
The Ola Money and Uber tie-ups demonstrate how insurance companies, including even government-run ones, are forging partnerships with every possible service company to offer products.
The firm is fighting a court battle over new rules that mandate licensing & cap fares that remove surge pricing.
The news of markdowns in the value of Ola and Snapdeal comes at a time when both companies are in talks with investors to raise fresh funds to take on deep-pocketed competition.
The IPO market is set to be bustling next week, with 11 companies like Vishal Mega Mart, TPG Capital-backed Sai Life Sciences and fintech firm One Mobikwik Systems gearing up to launch their initial share sales, collectively aiming to raise nearly Rs 18,500 crore. Other mainboard IPOs to be launched during this period are Inventurus Knowledge Solutions Ltd and Blackstone-owned diamond grading firm International Gemmological Institute (India) Ltd.
Investors attribute the revival to the country's strong public markets, which are boosting confidence in initial public offering (IPO)-bound startups offering viable exit opportunities.
Hyundai Motor India Ltd, the Indian arm of South Korean automaker Hyundai, has received capital markets regulator Sebi's approval to float an initial public offering (IPO), people familiar with the development said on Wednesday. This development marks a significant milestone for the Indian industry, as it is the first automaker initial share-sale in over two decades, following Japanese automaker Maruti Suzuki's listing in 2003.
The past few weeks have been rough for both Ola and Uber companies, dodging fire from almost all corners.
The primary market is expected to remain vibrant, with at least 10 companies, including supermart major Vishal Mega Mart and Blackstone-owned diamond grading firm International Gemmological Institute (India) Ltd expected to raise a combined Rs 20,000 crore in the next month, merchant bankers said. Education-focused NBFC Avanse Financial Services, TPG Capital-backed Sai Life Sciences, hospital chain operator Paras Healthcare, and investment bank DAM Capital Advisors are also among the companies planning to launch their IPOs in December, they added. The companies aim to raise a total of Rs 20,000 crore through their public offerings.
The Association, which claims to represent around 125,000 app-based taxis in the the Delhi-NCR, demands that fares be increased from existing Rs 6 per km to around Rs 20 per km.
Ola Cabs acquires TaxiForSure in $200-mn deal.
Delhi Chief Minister Arvind Kejriwal says surge pricing is daylight robbery and no responsible govt can allow that.
Koo -- the made-in-India rival of Twitter -- will not charge users for a verification badge, its co-founder and CEO Aprameya Radhakrishna said as he took on the larger rival for allegedly first creating bots and now charging users for verification. Koo, which allows users to express views in Indian languages, has already crossed 50 million downloads and is now flying into the rival's nest, starting a campaign on Twitter by making itself prominently visible on verified handles and offering them better deals on its platform at no cost. Since taking over Twitter, billionaire Elon Musk has set in motion massive changes, sacking employees and talking of levying a $8 charge for 'verified' handles.
Electric mobility in India is touted to be the way to the future, but implementation of large-scale projects to bring infrastructure for charging is still lacking.
Initially it will procure only e-rickshaws and e-autos for leasing to operators
Honda Motorcycle and Scooter India (HMSI) on Wednesday forayed into the fast-growing domestic electric mobility market with the introduction of e-scooters, ACTIVA e: and QC1, with swappable and fixed batteries. With this, the Japanese two-wheeler maker will now be competing with other legacy players such as Bajaj Auto, Hero MotoCorp, TVS Group as well as pure EV players like Ather and Ola, who already have a good presence in the segment, which is growing at 34 per cent year-on-year.
The controversy started a Twitter firestorm with many demanded the Ola to block his account. However, there were many who supported the man's 'right to choose'.
The investments by Uber and Ola included setting up kiosks, incentivising drivers for parking at the railway stations, and payments to the Indian Railways.
