Ola Electric's technology team is working hard to iron out the technical kinks that marred the electric vehicle company's hyped online sale of its electric scooters (e-scooters) - the S1 and the S1 Pro - on Wednesday, said company sources. The SoftBank-backed firm is facing technical difficulties in making the website live for the purchase of its e-scooters. According to company sources, the website couldn't go live as there were integration issues.
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.
Ola Electric became the latest among electric scooter (e-scooter) makers to have started the exercise of recalling a specific batch of its model after a rap on the knuckles by the government. Union Minister of Road Transport & Highways Nitin Gadkari on Thursday advised electric vehicle (EV) companies to act responsibly by identifying and recalling defective batches without waiting for orders or guidelines from the ministry. The Bengaluru-based start-up is conducting pre-emptive diagnostics and health check on 1,441 scooters, it said in a statement on Sunday.
Ola was supposed to expand to the Netherlands, Kenya, Dubai, Israel, and Brazil.
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.
Fundraising momentum is expected to accelerate further in the New Year, potentially surpassing 2024's record figures
IMAGES from the Premier League matches played on Saturday.
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.
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.
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.
Indian kiranas are agile enough to face the q-com challenge, but it's going to be a tough fight, notes Ambi Parameswaran.
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.
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 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.
The Freedom 125 has sold 8,310 units in October to date. This is its highest since it was launched in July and may touch close to 9,000 by the end of the month.
With Ola Corporate, aims to provide services to 10,000 firms by next year
Hyundai Motor India Limited's (HMIL's) record Rs 27,870 crore initial public offering (IPO) may not have set the primary market alight with sky-high subscription levels, but it has spelled a windfall for the five investment banks steering the share sale. The Indian arm of the South Korean carmaker paid Rs 493 crore - 1.77 per cent of the issue size - in fees and commissions to the book running lead managers (BRLMs), marking the largest-ever payout for an IPO in the country.
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Ola's rival Uber is trying to set up a local engineering centre in Bengaluru.
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.
Tariff cap offers Ola relief in battle with Uber. Though it might hurt their earnings, Ola believes the Karnataka High Court's judgement levels the playing field with Uber.
Ola Cabs, which started out in 2010, has raised over $1 billion of funds.
Cab aggregators caught between showing profitability to investors, increasing their network and dabbling in areas such as food ordering have seen a major blow to their primary business.
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
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.
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.
Forest were good value for the win, though Ipswich came close to opening the scoring midway through the first half.
Uber, Ola's main competitor in Australia, currently operates in 19 cities including Sydney, Melbourne, Brisbane, Adelaide, Perth and Canberra.
So far this year, bankers have earned Rs 1,226 crore for handling 45 IPOs, which together mobilised Rs 48,363 crore.
Ola said it has obtained licences to operate in South Wales and Greater Manchester, and will launch operations in South Wales by September.
The new tranche of funding raises Ola's valuation to $5.74 billion from $4.45 billion in October 2017
The two new markets are overwhelmingly dominated by US ride-hailing giant Uber, which has been able to edge out local start-ups
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.
Ratan Tata was one of the world's most influential industrialists yet he never appeared on any list of billionaires. He controlled over 30 companies that operated in over 100 countries across six continents yet lived an unpretentious life. Ratan Naval Tata, who died at a Mumbai hospital on Wednesday night at the age of 86 years, enjoyed a perhaps unique status -- a corporate titan who was considered a 'secular living saint' with a reputation for decency and integrity.
The three companies - Ola, Hyundai and Kia - will co-create solutions to operate and manage fleet vehicles.
As Kolkata marches towards modernity, it is hard to imagine its streets without these cabs, notes Air Commodore Nitin Sathe (retd).
Your next ride via the Ola app in an auto rickshaw could be cashless.
'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.
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.
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
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.
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