The calendar year 2024 is set to go down as the best year for initial public offerings (IPOs) in terms of funds raised. Following the IPOs of food delivery major Swiggy and two other companies slated for next week, this year's total will reach nearly Rs 1.2 trillion, going past 2021's record tally of Rs 1.19 trillion. Swiggy's Rs 11,327 crore IPO, the sixth-largest in India, and solar energy firm Acme Solar Holdings' Rs 2,900 crore IPO opened on Wednesday (Nov 6), while health-tech firm Sagility India's Rs 2,106 crore IPO opened a day earlier.
Kunal Shah has funded over 266 startups including Razorpay, Snapdeal, Zetwork, BlueSmart, Unacademy, Bliss Club, and Spinny, amongst others.
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 primary market will remain abuzz with more than half a dozen companies, including Hyundai Motor India, Swiggy, and NTPC Green Energy, lined up initial public offerings over the next two months to raise around Rs 60,000 crore, merchant bankers said. Apart from these three firms, Afcons Infrastructure, Waaree Energies, Niva Bupa Health Insurance, One Mobikwik Systems, and Garuda Construction are among the companies planning to launch initial public offerings (IPOs) during October-November, they added. Together, these firms are looking to raise Rs 60,000 crore through their IPOs.
Over 50,000 licenced drivers will now be assured that they can continue to provide mobility services in London. Drivers can initiate their registration on the Ola app.
The deal brings the two start-up stalwarts - Bansal and Ola co-founder and chief executive officer Bhavish Aggarwal - together in the backdrop of growing foreign control in this space.
The new tranche of funding raises Ola's valuation to $5.74 billion from $4.45 billion in October 2017
Indian kiranas are agile enough to face the q-com challenge, but it's going to be a tough fight, notes Ambi Parameswaran.
So far this year, bankers have earned Rs 1,226 crore for handling 45 IPOs, which together mobilised Rs 48,363 crore.
Uber, Ola's main competitor in Australia, currently operates in 19 cities including Sydney, Melbourne, Brisbane, Adelaide, Perth and Canberra.
Ola, which is now present in seven cities in the UK, said its easy-to-use app would transform commuting experiences in these areas providing the community with greater travel choice as well as quicker and easier access to cabs.
IMAGES from the Premier League matches played on Saturday.
'Ola in India makes money on every ride. Our focus over the past couple of years has been to keep growing the market and our share in the market and build up on sustainable business,' says co-founder and CEO Bhavish Aggarwal.
Chinese bicycle sharing giant Ofo launches service in seven Indian cities.
Four companies - Rajesh Exports, Hyundai Global Motors Company, Ola Electric Mobility and Reliance New Energy - are eligible for receiving benefits under the production-linked incentive (PLI) scheme for advanced chemistry cell battery storage, the heavy industries ministry said on Thursday. The allotment was made for a total of 50 GWh of battery capacity to the four successful bidders. These firms, the ministry said, will receive incentives under India's Rs 18,100 crore programme to boost local battery cell production.
Your next ride via the Ola app in an auto rickshaw could be cashless.
The two new markets are overwhelmingly dominated by US ride-hailing giant Uber, which has been able to edge out local start-ups
In a big push to the production-linked incentive (PLI) scheme, the government has nearly doubled (increase of 81 per cent) the allocation in five key industry segments from Rs 8,405 crore in the Revised Estimate of FY24 to Rs 15,198 crore in the Interim Budget for FY25. The segments cover over eight PLI schemes, including mobile phones, IT hardware, pharma (PLIs for medical devices, intermediates and pharmaceuticals), food processing, telecom hardware and, auto and auto components. In FY24, DPIIT officials, however, said that the disbursements would be much higher at around Rs 11,000 crore than what has been budgeted for the year.
Forest were good value for the win, though Ipswich came close to opening the scoring midway through the first half.
Rediff.com's Syed Firdaus Ashraf and Hitesh Harisinghani speak to millennials to find out if the ease of ride-sharing apps like Ola and Uber was a reason for them not buying a car.
As a 75-year-old septuagenarian, Bajaj Auto has adapted itself as a nod to competition, regulations, and changing buyer preference. It will continue to do so, said its managing director Rajiv Bajaj at the launch of the all-new Pulsar 250. This was in response to a question on the company's preparedness for disruption by electric two-wheeler start-ups.
From powering mobile devices, US chip designer Qualcomm has tied up with Ola Electric to power its electric scooters. Qualcomm is providing the key 4G connected octa core android platform which provides connectivity, computing capabilities and enables rich immersive displays with power saving software.
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.
The IPO market will be bustling next week, with four companies, including Bajaj Housing Finance, set to launch their initial share-sale to raise a total of Rs 8,390 crore. Besides these four main-board IPOs, nine SMEs are preparing to debut with their maiden public issues next week, targeting to collect Rs 254 crore. Together, these 13 firms are looking to raise Rs 8,644 crore through IPO.
In the UK, Ola is the only app that offers black cabs and private hire vehicles, giving both the driver-partners as well as the users, more choice.
Ola said it has obtained licences to operate in South Wales and Greater Manchester, and will launch operations in South Wales by September.
Industry watchers say while it's completely possible for a firm like SoftBank to step in and take control of Ola, it's usually one of the least favoured options.
According to a source SoftBank is in favour of Ola acquiring the Indian unit of Uber, but the finer details of the deal are being discussed
Cab-hailing service Ola is on the fast track on the back of a $500 million funding.
The three companies - Ola, Hyundai and Kia - will co-create solutions to operate and manage fleet vehicles.
Ola Cabs, which started out in 2010, has raised over $1 billion of funds.
The total number of demat accounts in the country stood at 171.1 million as of August 31.
There is also lack of mandate from the government on adoption of electric mobility after ambitious talks of moving all new automobile sales to electric by 2030
The state government says Ola was using its existing cab aggregator licence to promote bike taxi services.
US-based ride hailing firm accuses rival of making false bookings on its platform, drags it to Delhi High Court.
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.
The development comes close on the heels of Uber planning to invest substantial part of $3.5 bn Saudi money in India.
Ola accuses Uber of violating local laws, run business for profit.
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.
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