The development comes amid Japan's SoftBank booking an investment loss of 39.28 billion yen (USD 350 million) on its investments in India, including those in Ola and e-commerce company Snapdeal.
As Indians start travelling in the new normal, strong recovery in smaller towns underscores success for ride-hailing giant's 'India to Bharat' strategy, which offers new products in regional markets.
Walmart-owned Flipkart on Wednesday said it has set up a new fulfilment centre (warehouse) in West Bengal, its second-largest in the state, that will help in creating nearly 3,500 direct jobs. Spread across an area of over 2.2 lakh sq ft, the new facility in Dankuni will cater to the needs of Flipkart and Myntra customers in the region and bolster the e-commerce major's efforts to ramps up supply chain infrastructure in the eastern part of the country. The facility will also help thousands of sellers offer a wider selection and enable faster deliveries of customer orders within the region and neighbouring states while also helping create national market access, according to a statement.
Ola founder and chief executive officer (CEO) Bhavish Aggarwal will step back from day-to-day operations to focus more on engineering functions, team building, and products, apart from focusing on long-term strategic projects, such as two-wheelers, cars, and innovations in quick commerce and international expansion. "I'll be spending more time with all engineering functions, team building, and on products," said Aggarwal in an internal note, adding, "I'll also be increasing my focus on our longer-term strategic projects, including new two-wheeler products, our car project, innovations in quick commerce, electrifying ride-hailing, our cell research and development (R&D), international expansion, building our Pune technology (tech) centre, and Futurefoundry UK." To drive scale, speed, and quality, Aggarwal said he is expanding Ola Group's chief financial officer (CFO) G R Arun Kumar's role to help him steer 'day-to-day operations' across the group.
Ola's factory will create 10,000 jobs and serve as the company's global manufacturing hub for India and international markets.
Nikesh Arora becoming successor of Masayoshi Son at Softbank yet again shows Indians are being preferred for global roles at multinational firms.
Uber, Ola's main competitor in Australia, currently operates in 19 cities including Sydney, Melbourne, Brisbane, Adelaide, Perth and Canberra.
'Why is the government asking parents to be careful rather than coming up with strict rules and regulations for the companies?'
Last year, SoftBank, which has invested in e-commerce firm Snapdeal and Taxi aggregartor Ola) had announced to invest nearly $10 billion (around Rs 60,000 crore) in India over the next few years.
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.
According to its DRHP filed in 2010, the company's net worth was just Rs 140 crore. Its total income for the financial year 2009-10 stood at Rs 119 crore and it had a net profit of Rs 16 crore. In sharp contrast, at the end of March 2021, Paytm's networth was Rs 6,535 crore and total income stood at Rs 3,187 crore.
A billion dollars in renewable energy is huge.
Start-ups that did not have a business model and, hence, could not grow or attract new funding, are shutting shop.
Market experts have valued Housing.com at $700 million.
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.
Micromax to raise up to $1 bn from global investors.
Nearly half of the investments by various US-based investors have been made in Reliance subsidiary Jio.
In December, over 1.7 million people have checked in over the weekends.
Asked about the campaign against the Games, Tokyo Governor Yuriko Koike said she would work towards a "safe and secure" Olympics.
If the deal goes through, Snapdeal founders will get $60 million (cumulative), of which half will be given to employees.
Social e-commerce platform Meesho is set to disrupt the food and grocery market by offering free home delivery on all orders in over 200 below Tier 1 cities in a year's time, in the first phase. It is also disrupting the monetization model by focusing primarily on advertising revenues rather than commissions from sellers, as distinct from its competitors. The move is expected to challenge the big players in the sector which include Jio Mart, Tata's Big Basket, Amazon, Grofers, and others, many of which have minimum prices for free delivery.
The stock-and-cash deal is the biggest in the education space.
Over the last 12 months, thanks to bold bets by venture capital firms like Sequoia, SoftBank Vision Fund, and foreign strategic investors like Naspers, pipeline of start-ups with potential to achieve $1 bn in valuation is at an all-time high.
The funds will be used to expand the merchant offerings across India to equip them with technology and various other services.
Dark pods are physical stores or warehouses which will be accessible only to Swiggy staff and which will host groceries, pharmacies, and cloud kitchens.
Its share among top three e-commerce players grew to 57% in March 2017 from 45% in June 2016
People in India haven't seen what happens if the environment gets sour, the Softbank vice-chairman said.
Total investments in the first six months of 2017 was a record $11.34 billion
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.
Jack Ma is learnt to have discussed about e-commerce, mobile telephony
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.
Mobility company Ola's chief financial officer Swayam Saurabh and chief operating officer Gaurav Porwal are leaving the company. These developments come at a time when the SoftBank-backed company's core ride-hailing unit is planning to go public and for which it raised $500 million from Warburg Pincus and Temasek in July this year. These investment firms had partnered with the company founder Bhavish Aggarwal for this round.
Meru Cabs is in talks with Chinese e-commerce giant Alibaba.
According to sources, employees from marketing, ad-tech, category, digital marketing, engineering team, catalogues, have all been asked to leave.
Snapdeal CEO Kunal Bahl said those who do not perform will have to leave.
The $306-million investment in Ola Electric Mobility by SoftBank Corp, Arun Sarin Family, Ratan Tata and Matrix has been the biggest funding in this space in value terms this year.
'Shape up or ship out' message has been loud and clear across the new-age companies in the stressed market conditions
PhonePe wants to dethrone its Alibaba and SoftBank-backed rival, Paytm, claiming that additional capital that Walmart will bring to the table will help it grow much faster
Less than a week after its CEO and co-founder Rahul Yadav was sacked, realty portal Housing.com's website was hacked on Monday.
The highest cap for the capacity would be 2 GW and can be set up in tranches at whatever location the project developer deems fit.
