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Ola Invest $326 Million to setup World’s Biggest eScooter Plant

14Dec By PriyankaNo Comments

Automobile

Ola Invest $326 Million to setup World’s Biggest eScooter Plant

Tamil Nadu, Dec 14, 2020: India's leading cab service provider Ola inked an agreement with the Tamil Nadu government to invest $326 Million (Rs 2,400 crore) for setting up its first electric scooter factory in the state. Upon completion, the factory will create nearly 10,000 jobs and will be the world's largest scooter manufacturing facility that will initially have an annual capacity of 2 million units, a statement said. "In line with Prime Minister Narendra Modi's vision, Ola's factory is an important step in making an Atmanirbhar Bharat. It will catalyse reduction of India's import dependence in a key future sector like electric vehicles, boost local manufacturing, create jobs as well as improve the technical expertise in the country," it added. Ola said India with its unique s...

Uber Stalls India Leasing Scheme as Driver Incomes Drop – Sources

25Mar By reutersNo Comments

News

Uber Stalls India Leasing Scheme as Driver Incomes Drop – Sources

Global ride-hailing firm Uber Technologies is rethinking its car leasing strategy in India, its second-biggest market, as drivers have returned dozens of leased cars early after the company cut incentives, people familiar with the matter told Reuters. Uber had planned to buy 15,000 new cars last year and lease them out in a bid to attract more drivers - a strategy it has used in other markets - but it suspended the scheme for a while in December after leasing just a third of that total. After burning through millions of dollars over three years in a battle for market share with local rival Ola, backed by Japan's Softbank , Uber has cut the incentives it gives to drivers and raised the fares it charges passengers. The incentives - from free smartphones to cash bonuses worth as much...

Uber to Suspend its Ride-Hailing Service in Taiwan From Feb 10

2Feb By reutersNo Comments

News

Uber to Suspend its Ride-Hailing Service in Taiwan From Feb 10

Uber Technologies Inc said it will suspend its service in Taiwan from February 10, the latest salvo in the wrangle between the island's authorities and the global ride-hailing service company. Late last year, Taiwan's legislature finalised regulations raising fines against unlicensed ride-sharing services, targeted at Uber, which said at the time that was the highest level for such fines globally. "Today, we are announcing our intention to pause our Taiwan service starting Friday 10th February. We hope that pressing pause will reset the conversation and inspire President Tsai (Ing-wen) to take action," Uber said in a statement on its website. The statement did not specify what action Uber wanted the president to take.

Doubts Surrounding Over Investors Backing Both Uber and Didi in China

17Jun By AnkitaNo Comments

News

Doubts Surrounding Over Investors Backing Both Uber and Didi in China

Ride-hailing companies Uber and Didi have brought many new dimensions to the startup industry, such as making billion-dollar-plus funding rounds routine. Now, they have added another to the list: sharing big investors who are backing both companies, even though they are fierce rivals. Uber, the leading ride service in the United States and much of the world, and Didi Chuxing, which claims 87 percent of the Chinese market for private vehicle ride-hailing, now share at least four investors: asset manager BlackRock, Chinese investment manager Hillhouse Capital Group, hedge fund Tiger Global and insurer China Life, according to investment records and sources familiar with the deals. "It's very unusual to allow the same parties to invest and get information rights of sworn mortal enemies. ...

Ola, The $5 billion Valued Taxi Aggregator Service is Twice as Large as Uber

6May By NitishNo Comments

Story

Ola, The $5 billion Valued Taxi Aggregator Service is Twice as Large as Uber

According to a report by Trucaller, that Ola, the $5 billion valued taxi on-demand service twice as large as Uber in India. Of the 684 million phone users in India, 205 million smartphone users are now changing the way cabs are the booked while ‘on the move’ in India, and we are analyzing that trend to share some exciting TrueInsights on how you call-a-cab in India. In a report mentioned that when it comes to call traffic for the new wave of ride-sharing, app-based services like Ola Cabs is the undisputed leaders by numbers of calls. Ola Cabs made a whopping 42.5 million calls to its users, while 59.5 million calls were made by users – which accounted for 102 million calls between Ola Cabs and its users. Uber users received 13.6 million calls from the company and called the compan...

Ola Shuts Down Its Grocery and Food Delivery Services

2Mar By PriyankaNo Comments

News

Ola Shuts Down Its Grocery and Food Delivery Services

New Delhi/Bengaluru: Ola, India’s largest taxi-hailing service will shut down its grocery (Ola Store) and food delivery services (Ola Cafe). As per report the company slows expansion plans and struggles to build customer demand for the business units and huge delivery costs is the main reason behind this move. “It (grocery) is not a profitable business and has huge delivery costs,” said one of the two people cited above, requesting anonymity. While Ola Store currently operates in Bengaluru, Hyderabad and Gurgaon, Ola offers its food delivery services in Mumbai, Bengaluru, Hyderabad and Delhi. Investors have poured more than Rs.800 crore into online grocers and delivery firms over the past two years.The food and groceries market in India, which is estimated to touch $480 billion in 2...

We Bet You Didn’t Know These 39 Facts of Uber

15Feb By NitishNo Comments

ANALYSIS

We Bet You Didn’t Know These 39 Facts of Uber

Have you ever come across a business so brilliant yet so simple it made you scratch your head and wonder – why didn’t I think of that? With outrageous valuation and millions of users, Uber is definitely one of those companies. Founded in 2009 by a college dropout, Uber is a classic tech success story, and the company’s exponential growth/colossal funding over the past six years have launched it to the forefront of the startup world. Despite competition and even outright bans in some places, Uber continues to thrive with over 8 million users and 1.1 million driver-partners. Its easy-to-use app, convenience, and general “coolness” have made it the go-to car service whether you’re a regular commuter or a high-profile celebrity. It’s not uncommon to hear the words “Call an Uber!” late at ni...

Uber plans to raise $2.1 bn for investment in India, China

5Dec By AnkitaNo Comments

News

Uber plans to raise $2.1 bn for investment in India, China

App-based taxi aggregator Uber is looking to raise USD 2.1 billion in a fundraising round led by Tiger Global and other investors, valuing the company at USD 62.5 billion. The funds raised will be used primarily for investments in India and China, according to people aware of the development. Sources said that next round of investment for India will be announced early next year. US-based Uber in July this year had announced to invest USD 1 billion (about Rs 6,400 crore) in India in nine months to expands operations in the country. Interestingly, Tiger Global is also an investor in Ola, which competes with Uber in India. According to sources, Uber has filed paperwork in Delaware giving details about the fundraising wherein the company said it plans to raise USD 2.1 billion from ...

Ola ropes in ex Infosys CFO Rajiv Bansal to head finance

26Nov By AnkitaNo Comments

News

Ola ropes in ex Infosys CFO Rajiv Bansal to head finance

Taxi aggregator Ola today said it has appointed former Infosys Chief Financial Officer Rajiv Bansal to head finance operations as part of its expansion drive in the country. Bansal, who announced his resignation from the country's second largest software services firm in October this year, will join the Softbank-backed Ola in January 2016. "Rajiv brings close to 21 years of experience in finance with over 16 years at Infosys, where he was the CFO and recently transitioned to being an advisor to the CEO. Rajiv will be part of Ola's core leadership team," Ola said in a statement. Mitesh Shah, who is currently the CFO, will lead strategic finance initiatives as part of Bansal's team, it added. "We are thrilled to welcome Rajiv on board. He brings with him a wealth of experience f...