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Ola Invests Rs 100 Cr In Ola Fleet Technologies

23Jul By Press Trust of IndiaNo Comments

FUNDING

Ola Invests Rs 100 Cr In Ola Fleet Technologies

Cab aggregator Ola has invested Rs 100 crore in its car leasing subsidiary, Ola Fleet Technologies. The investment comes at a time when the homegrown firm is locked in an intense battle with US-based Uber for leadership in the Indian market. The proposal for Ola investing Rs 100 crore into Ola Fleet Technologies was accepted by the board of the car leasing arm last month, as per documents filed with the Corporate Affairs Ministry. The SoftBank-backed Ola had invested Rs 50 crore in the unit in February this year. Ola did not reply to an emailed query in this regard. In 2015, Ola had announced setting up of a captive leasing subsidiary to finance cars to be added to its platform and had announced an investment of Rs 5,000 crore. Through Ola Fleet Technologies, the Bengaluru-b...

Uber Infuses $8 Million into India Ops- Distributed Between Mumbai And Delhi

7Jul By RishabhNo Comments

BUSINESS

Uber Infuses $8 Million into India Ops- Distributed Between Mumbai And Delhi

San Francisco-headquartered cab-aggregator Uber infused another amount of Rs 51.64 crore (about $7.9 million) into its Indian arms in May, documents filed with the Ministry of Corporate Affairs show. The money was distributed between Mumbai-based Uber India Systems Pvt. Ltd which received Rs 45.2 crore ($6.9 million) and Delhi-based Uber India Technology Pvt. Ltd got Rs 6.42 crore ($991,000). The funds came from Uber’s Netherlands-based subsidiaries, Uber Holdings International BV & Uber International BV (for Uber India Systems) and Besitz Holding BV & Mieten BV (for Uber India Technology). In its effort to capture markets and acquire customers, Uber has been making losses globally. The company’s 2016 net revenue stood at $6.5 billion while adjusted net losses were $2.8 billi...

Ola, Uber Rides Could Get Cheaper Under India’s GST Bill

20May By RishabhNo Comments

News

Ola, Uber Rides Could Get Cheaper Under India’s GST Bill

Cab rides could get marginally cheaper for customers from July 1 as the incidence of tax will come down to five per cent for bookings made on cab aggregators like Ola and Uber. Currently, a tax of six per cent is levied on rides booked through cab aggregators. "Such reduction is a welcome move for cab aggregators and consumers considering the increased demand of services of cab aggregators," Deloitte Haskins & Sells Senior Director Saloni Roy said. It shall accordingly provide a further boost to the already thriving operations of cab aggregators, she added. The introduction of services by cab aggregators has seen manifold growth due to the ease and reasonableness of prices at which the services are offered. "The GST rate on cab aggregators is proposed to be at 5 per cent...

SoftBank Suffered Rs 9,000 Cr Valuation Loss From Ola, Snapdeal

10May By AnkitaNo Comments

News

SoftBank Suffered Rs 9,000 Cr Valuation Loss From Ola, Snapdeal

Japanese conglomerate SoftBank Group has booked a valuation loss of USD 1.4 billion or over Rs 9,000 crore on its investments in Snapdeal and Ola as the startups faced heat from foreign rivals with deep pockets. SoftBank said it suffered a loss of USD 1 billion (Rs 6,500 crore) on its investment in Snapdeal, almost matching the money it has put in the home-grown marketplace during 2016-17. "Highly competitive e-commerce market in India has made a trend of the companys business performance lower than initially anticipated," SoftBank said in its earnings statement. SoftBank which has committed investments of USD 10 billion in India has been working on a plan to sell Snapdeal to larger rival Flipkart. While it has got most board members of Snapdeal to agree to the proposal, it is ...

3May By RishabhNo Comments

FUNDING

Ola Raises Rs 670 Crore Fresh Funding From Ratan Tata Backed Venture

SoftBank-backed Ola has raised Rs 670 crore (USD 104.4 million) in fresh funding from investors including UC-RNT Fund, a venture between the University of California and Ratan Tata. While UC-RNT Fund has pumped in Rs 267.99 crore, another Rs 402 crore has been infused by FO Mauritius I Ltd, according to regulatory filing by ANI Technologies -- which runs Ola. However, the valuation of the company benchmarked against the fresh round of funding could not be ascertained. The said shares were allotted to the investors on March 31, 2017. An email sent to the company remained unanswered. The Bengaluru-based firm, which is locked in an intense battle with US-based Uber for market leadership, had raised about USD 250 million from SoftBank in November, albeit at a lower valuation of USD...

21Apr By PriyankaNo Comments

FUNDING

Ola Looking To Raise $100 Million in Fresh Funding to Fuel Expansion

Cab aggregator Ola's board has approved raising up to USD 100 million from existing shareholders, primarily to fund its expansion plans. The company, which is locked in an intense battle with American rival Uber, had recently raised funds to the tune of Rs 1,675 crore from its Japanese investor, SoftBank. The approval was for issuance of convertible securities at a price of Rs 13,521 apiece through a rights issue. ANI Technologies, which operates Ola today said, "its board has approved raising up to USD 100 million (about Rs 670 crore) by issue of 495,526 Series 'l1' preference shares of face value INR 10 each at a price per subscription share equivalent to INR 13,521". As per the filing made to the Corporate Affairs Ministry under the Companies Act, the rights issue was scheduled ...

OLA Reach Out to Over 1,00,000 Driver Entrepreneurs Across 10 Cities

18Apr By PriyankaNo Comments

News

OLA Reach Out to Over 1,00,000 Driver Entrepreneurs Across 10 Cities

Ola, India’s most popular mobile app for transportation, today announced plans to reach out to over 1,00,000 driver entrepreneurs through ‘Auto Driver Partner Melas’ across all major cities and towns in India. This follows the success of the first-ever Auto Driver Partner Mela – ‘Ola Baasha Mela’- that was held in Chennai, Tamil Nadu. The three-day Chennai Mela held between 8th April to 10th April witnessed hundreds and thousands of auto rickshaw driver partners availing the opportunity of becoming micro-entrepreneurs by owning auto rickshaws for the first time. They also benefitted from other value additions such as free vehicle insurance, and garage services, etc., including the unique opportunity to join Ola as a driver partner on the platform. Ola plans to replicate the grand suc...

Ola Cabs Raises Rs 1,675 Crore From Softbank

14Apr By AnkitaNo Comments

FUNDING

Ola Cabs Raises Rs 1,675 Crore From Softbank

New Delhi: Japanese investor SoftBank has pumped in about Rs 1,675 crore in fresh funding in Indian transportation startup Ola to give it more muscle to take American rival Uber head-on. SoftBank subsidiary SIMI Pacific Pte picked 12,97,945 shares valued at Rs 10 at a premium of Rs 12,895 in ANI Technologies -- which runs Ola -- filings with the Registrar of Companies showed. The allotment of shares was done in November last year, it added. The latest funding, however, is believed to have come at a lower valuation. According to sources, the move comes at a time when Softbank is working on selling Snapdeal, an e-commerce platform it invested heavily in India, to larger rival Flipkart. The Bengaluru-based firm was aggressively looking at raising funds to compete with Uber, the wo...

Ola readies big push for electric vehicles in India

9Apr By Press Trust of IndiaNo Comments

News

Ola readies big push for electric vehicles in India

SoftBank-backed Ola will soon launch a pilot to test electric vehicles on its platform in the country. Ola, which is locked in an intense battle in the Indian market with US-based Uber, is expected to roll out its pilot in cities like Nagpur in the coming months. Ola CEO and co-founder Bhavish Aggarwal today said the company will pilot electric vehicles in Indian cities this year, but did not disclose details. "Electric vehicles can transform transportation completely in India by enabling lower cost of operation and ownership," he said. In December, Softbank Group chairman Masayoshi Son had said Ola may introduce one million electric vehicles in India over the next five years. Ola's push comes even as sales of electric vehicles in India has remained sluggish despite government ...

It’s War Against Uber, Company Will Be Profitable in 2 Years: Ola CEO

7Apr By Press Trust of IndiaNo Comments

News

It’s War Against Uber, Company Will Be Profitable in 2 Years: Ola CEO

Indian cab aggregator Ola today said the firm is focussing on building a sustainable business and will turn profitable in two years even as it used the analogy of "Vietnam War" to describe competition with its US-based rival Uber. "...this is corporate war and the competition between us and Uber is very intense... the analogy that I gave about India is that this is like Vietnam War. "We are the local guerillas...We have the Americans carpet bombing us but we will go into the nooks and corners of the country and we will find those opportunities in niche areas and in large areas," Ola co-founder and CEO Bhavish Aggarwal said at a TiE event here. He added that the Bengaluru-based company is focussing on building "more sustainable" and profitable solutions to grow its market share in ...

Reliance Clarifies No plans to Launch App Based Taxi Service

25Feb By AdityaNo Comments

News

Reliance Clarifies No plans to Launch App Based Taxi Service

Billionaire Mukesh Ambani-led Reliance Industries has no plans to launch an app-based taxi service as the company sees no logic in diversifying into unrelated sectors. It has been speculated for months that Reliance Jio, the company's telecom venture that has created ripples by signing up 100 million customers in just 170 days of launch, will soon launch a taxi service. The company had not commented on the speculations so far but took to the Twitter to deny the foray after an online publication stated that Jio has ordered some 600 cars to "kickstart" the service. A Reliance spokesperson tweeted that the report is "WRONG and DENIED". The company has no plans to get into unrelated diversification , another official explained. Reliance Jio had earlier this week announced a strategic ...

Eyeing on 300 Crore Profit, Indian Railways Will Allow Space For App Based Cab Service

15Feb By NitishNo Comments

INDIA, News

Eyeing on 300 Crore Profit, Indian Railways Will Allow Space For App Based Cab Service

Encashing the growing demand for application-based cab services, the Indian Railways is all set to provide space for such facility at about 500 major stations, eyeing an annual profit of Rs 300 crores. Railway Minister Suresh Prabhu will unveil the new policy for app-based cab service next month along with providing parking space and kiosks near major stations. The Railways at present earns about Rs 122 crores a year from parking spaces across the country. With the new policy, the national transporter envisages Rs 200 crores more annually from these parking spaces, a senior official said. Though a passenger can still avail Ola or Uber service through the mobile application, allowing a kiosk and adequate parking space near busy stations is expected to ensure good business for the a...