online cab booking | Pixr8 News

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...

Uber Posted Huge $5 Billion Loss, Share down 6 Percent

9Aug By AdityaNo Comments

News

Uber Posted Huge $5 Billion Loss, Share down 6 Percent

Cab aggregator service Uber posted a record $5.2 billion loss in the second quarter report, as growth in its core ride-hailing service got slow. After the announcement of Second-quarter results, Uber shares down 6%. Uber’s second-quarter net loss, widening from a loss of $878 million a year earlier, included $3.9 billion of stock-based compensation expenses related to its IPO earlier this year and nearly $300 million in “driver appreciation” related to the stock sale. The second-quarter report caught Uber investors off guard because Uber’s rival Lyft had raised revenue expectations and described an easing price war. “Our platform strategy continues to deliver strong results, with trips up 35% and Gross Bookings up 37% in constant currency, compared to the second quarter of l...

4May By AnkitaNo Comments

News

Travis Kalanick barred from Uber IPO at NYSE

Uber's current CEO is barring the founder and Ex-CEO of Uber Travis Kalanick to take part in the opening bell ceremony held at the New York Stock Exchange next week. In a report published Friday in one of the leading USA newspaper, Uber CEO Dara Khosrowshahi (kahs-row-SHAH'-hee) has decided that Travis Kalanick is not welcome to share the exchange's balcony when Uber begins trading as a public company next Friday. Kalanick co-founded Uber and was CEO until his ouster in 2017 following a series of damaging revelations that sullied the company's reputation among consumers. Those included reports of rampant internal sexual harassment and allegations Uber stole self-driving car technology. The blowback from the problems helped Uber rival Lyft pick up ground in the US something Ube...

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 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...

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...

Ola to Invest Rs 350 Crore in Haryana Over 5 Years

28Jun By AdityaNo Comments

News

Ola to Invest Rs 350 Crore in Haryana Over 5 Years

Taxi hailing app Ola has signed an agreement with Haryana government to create over 10,000 entrepreneurs in the state with an investment of Rs 350 crore over the period of five years, the company said today. "We are proud to partner with the Haryana government to create more than 10,000 entrepreneurship opportunities across the state. To this end, we are planning to invest over Rs 350 crore in Haryana over the next 5 years," Chief Operating Officer, Ola, Pranay Jivrajka said in a statement. Ola will work with the Haryana government to introduce innovative and customised mobility solutions like Ola Auto, Ola Bike, Ola Share and Ola Shuttle across the state. "Ola's commitment to building mobility for citizens, by using mobile technology and by enabling entrepreneurship and skilling, will ...

“It’s Lack of Journalistic Ethics” Said Ola After a Report on Uber Acquisition

16Apr By PriyankaNo Comments

News

“It’s Lack of Journalistic Ethics” Said Ola After a Report on Uber Acquisition

India's leading Taxi aggregator platform Ola and its one of the investors Matrix Partners India denied a report on DNA, which alleged that Uber was acquiring stakes of all the investors, including the founders, except SoftBank, with a term sheet likely to be signed by this quarter. "We would like to state that the article, attributed to an 'unnamed source' is completely false, misleading, malicious and planted in the said newspaper with the intent of causing harm to the Ola brand and creating confusion among our stakeholders." a statement from Ola said. Ola slammed the publication for its lack of journalistic ethics, and said that it will initiate appropriate legal action and seek redressal and compensation from the newspaper for the damage caused due to the report. "We also had received...