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Ola Sold Electric Scooters Close to $100 Million on a First day

16Sep By PriyankaNo Comments

Automobile

Ola Sold Electric Scooters Close to $100 Million on a First day

Bengaluru, India, 16th Sept 2021: India's leading cab service provider Ola said its electric vehicle subsidiary Ola Electric sold scooters worth close to $100 million on the first day of the sale of its model S1. Ola Electric had on Wednesday commenced the sale process of its electric scooter, which comes in two trims Ola S1 and S1. "India is committing to EVs and rejecting petrol! We sold 4 scooters/sec at peak & sold scooters worth 600Cr+ in a day! Today is the last day, purchase will shut at midnight," said Ola co-founder Bhavish Aggarwal in a tweet.In the blog, he wrote Noting that the company had sold scooters worth over Rs 600 crore in 24 hours, Aggarwal said: "That's more, in value terms than what the entire 2W industry sells in a day! Make no mistake, the age of EVs is he...

Ola Electric raises $100 million long term debt

12Jul By AdityaNo Comments

Automobile

Ola Electric raises $100 million long term debt

TN, July 12, 2021: Ola Electric and Bank of Baroda have signed the largest long-term debt financing agreement in the Indian EV industry. This 10-year debt of US$100 million is towards the funding and financial closure of the Phase 1 of the Ola Futurefactory, Ola’s global manufacturing hub for its electric two-wheelers. Ola had earlier announced last December that it will be investing Rs 2,400 crore for setting up the Phase 1 of the factory. “Today’s agreement for long term debt financing between Ola and Bank of Baroda signals the confidence of the institutional lenders in our plans to build the world’s largest two-wheeler factory in record time. We are committed to accelerating the transition to sustainable mobility and manufacture made in India EVs for the world and we are happy tha...

Ola Electric acquires Etergo, Will Launch its Electric Scooter Globally

28May By NitishNo Comments

ACQUISITION

Ola Electric acquires Etergo, Will Launch its Electric Scooter Globally

Bengaluru, 28 May 2020: Ola Electric announced the acquisition of Etergo BV, an innovative electric scooter based out of Amsterdam, the Netherlands. With this acquisition, Ola Electric has also announced its entry into the premium electric two-wheeler market, both globally and nationally. Founded in 2014, Etergo has developed an all-electric state-of-the-art AppScooter, which has won multiple awards across the world for its innovative design and engineering at CES 2019 and Automotive Brand Contest, Germany amongst others. First revealed in 2018, the AppScooter uses swappable high energy density batteries to deliver a range up to 240km and class-leading acceleration. Electric two-wheelers are the most efficient and cleanest solution for urban mobility, which wi...

Ola Launches Self-drive Service Ola drive

17Oct By AnkitaNo Comments

News

Ola Launches Self-drive Service Ola drive

India's leading ride hailing service Ola launched 'Ola Drive', its first self-drive service in Bengaluru and said the company will invest upto USD 500 million in the next couple of years for it. The Bengaluru-based company aims to host a fleet of 20,000 cars by 2020 under the service. It has been initially rolled-out for users in Bengaluru, with Hyderabad, Mumbai and New Delhi to follow shortly, Ola said in a statement. In the first phase, Ola Drive will be offered as a short-term self-drive car-sharing service as we look to introduce long-term subscriptions, corporate leasing, and more options in the future, it added. The company will initially invest about USD 200 million (about Rs 1,400 crore) and up to USD 500 million (about Rs 3,500 crore) in the next couple of years, Ola Chi...

13Aug By PriyankaNo Comments

ACQUISITION

Ola Acqui-hires AI Startup Pikup.ai

Cab aggregator Ola acqui-hiring' Pikup.ai, an artificial intelligence (AI) startup based out of Bengaluru. Acqui-hiring is a term for acquisition plus hiring. As part of the deal, the team at pikup.ai will join Ola, the company said in a statement. Ola announced earlier this year its intent to set up an advanced technology centre in the San Francisco Bay area in the US, to focus on developing next-generation technologies in mobility like Electric, Connected and Autonomous Vehicles. "By bringing deep domain expertise to Ola, this acquihire will also deliver innovations that continue to improve safety and transform customer experience," Ola said. Pikup.ai was co-founded by Inder Singh and Ritwik Saikia, which uses autonomous technologies like AI, computer vision and sensor fusion...

Uber partners IOC to offer discounts on fuel for driver-partners

31May By Press Trust of IndiaNo Comments

INDIA

Uber partners IOC to offer discounts on fuel for driver-partners

NEW DELHI: Uber Thursday said it has partnered Indian Oil Corporation Ltd (IOCL) to offer special benefits, including discount on fuel, to the ride-hailing company's driver-partners in India. In a statement, Uber said over 12,000 driver-partners have already registered for this benefit. "The agreement with IOCL will offer delivery partners discounts on petrol, diesel and CNG in IOCL petrol pumps across India. This initiative is a part of Uber's UberCARE programme for driver partners," the statement added. Vigyan Kumar, executive director (retail sales), IOCL, said, "IOCL has always been striving to add to the fuelling experience of customers coming to its retail outlet". "...through our association with UBER, we would be giving one more reason for a UBER driver-partner to ...

Ola, Hyundai in talks for $300 million fund infusion

9Mar By Press Trust of IndiaNo Comments

News

Ola, Hyundai in talks for $300 million fund infusion

NEW DELHI: Ola is in talks with Hyundai Motor Company for investing about USD 300 million in the cab-hailing platform, according to sources. The discussions are at an advanced stage and a deal could be closed in the next few weeks, sources said. If the deal goes through, it would be Hyundai's second investment in the Indian startup ecosystem. Previously, it had led a ₹100-crore funding round in car rental startup Revv. Ola did not respond to an e-mailed query on the development. A Hyundai Motors India spokesperson said the company is "open to cooperation with various potential partners but it is our policy not to comment on market speculation and rumours". The fresh funding will give the Bengaluru-based company more ammunition to compete with rival Uber in I...

Ola raises 292 Crore For its Electric Segment

1Mar By AdityaNo Comments

News

Ola raises 292 Crore For its Electric Segment

India's leading cab booking platform Ola electric raises Rs 292 crore from global investment firms Tiger Global Management, Matrix Partners, and Sarin Family India LLC (family office of ex-Vodafone chief executive officer Arun Sarin), according to a regulatory filing by the company. This is the first time Ola EV raises independent funding. Ola Electric Mobility has issued and allotted “1993 Series A compulsory convertible preference shares of face value of Rs 10 each of the company, at an issue price of Rs 14,61,523,” to the above investors. As per the sources, the company will raise a total of Rs 400 crore in this round led by the same set of investors. Ola recently announced to bring 1 million EV on road and plan to place 10,000 e-rickshaws and e-autorickshaws in its service w...

Flipkart founder Sachin Bansal Invested $21 Million in Ola

14Jan By AdityaNo Comments

FUNDING

Flipkart founder Sachin Bansal Invested $21 Million in Ola

Flipkart co-founder Sachin Bansal has pumped in about Rs 150 crore in ride-hailing platform Ola, though the flipkart founder committed 650 crore in Ola. According to documents filed with the Corporate Affairs Ministry."... 70,588 fully and compulsorily convertible, cumulative 'Series J' Preference Shares' having face value of Rs 10 having the rights, privileges and preferences... is hereby allotted at a subscription price of Rs 21,250," the documents showed. This translates into an investment of about Rs 650 crore by Bansal, who left Flipkart after the US retail giant Walmart picked up 77 per cent stake in the e-commerce company for $16 billion. The resolution was passed at a board meeting of ANI Technologies, the entity that runs Ola, on January 12, according to the documents. ...

11Jan By PriyankaNo Comments

FUNDING

Ola Raises $74 million Funding, Pips Oyo as a 2nd Most valuable startup in India

India's leading taxi aggregator Ola raises $74 million funding from existing investor Steadview Capital. After this funding round Ola pips OYO a hotel aggregator startup and become India's No.2 most valuable startups. Ola is now only behind digital payments service firm Paytm (One97 Communications Pvt. Ltd). After $74 million in fresh funding round, Ola, India’s leading cab-hailing service valued at $5.7 billion. Oyo Rooms, which was valued at nearly $5 billion after it raised $1 Billion from SoftBank Group Corp & Others. Before got acquired by Walmart last year, the leading e-commerce giant Flipkart was the most-valuable Indian startup (close to $16 billion) for the longest time. Last January, Ola had raised $1.1 billion in fresh capital at a valuation of $3.5-4 bill...

Ola & Uber Fares Rose up by 15% in Last One Year

25Oct By Gauri SinghNo Comments

News

Ola & Uber Fares Rose up by 15% in Last One Year

With the increasing demand of Ola and Uber these days, an average ride cost on Ola and Uber is up by 15% over the last one year. This has been presented as per estimates by research & advisory firm RedSeer. The company said this comes on top of a 10% increase in 2017. However, the figures that have been stated are a national average, and the actual changes may be different for different cities. The report did not provide the city-wise figures as Bengaluru users have reported significantly higher increases. According to the reports, the average cost per ride on these cab-hailing apps has risen to Rs 220, compared to around Rs 190 last year. Also, the incentives for drivers, which was used for several years to attract drivers to meet rising demand, saw a drop of over 30% in the las...

Ola, Uber Saw Sharp Decline in the Growth of Daily Rides

24Sep By Gauri SinghNo Comments

BUSINESS

Ola, Uber Saw Sharp Decline in the Growth of Daily Rides

The two largest ride hailing services in India that are Ola and Uber, are witnessing a sharp slowdown in the growth of rides over the past year. This is the result of their steer toward operational efficiencies, cut customer discounts and driver incentives, and expand into newer verticals such as food delivery. Though the absolute number of daily rides has increased, growth declined to 20% on average in 2018 to 3.5 million across all its segments.“The market has dwindled owing to a higher base effect, as well as a plunge in supply and hike in fares,” said Jaspal Singh, founder of Valoriser Consultants, a transportation consulting firm.In 2017, Uber claimed to achieved 9.4 million trips a week (1.3 million a day), which represented a 67% growth in a span of 11 months. In 2018, CEO Dara Khos...