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Uber to “Double Down” Investments in India after Leaving Southeast Asia

19Apr By Lavina TolaniNo Comments

News

Uber to “Double Down” Investments in India after Leaving Southeast Asia

San Fransisco based cab hailing company Uber said on Wednesday that it would be doubling up investment in India to take on the arch contender Ola. Uber's maiden COO Barney Hardford said that India has such a huge potential that the company would not settle for minority stake deals here.The world's most valued startup comments have come up amidst the speculations of a potential merger between its India unit and home built opponent Ola. Hardford said, India is absolutely a core market, now and in the future. Uber's success is hardcoded to India's success. Our merger with Grab Holdings in Southeast Asia has freed up resources for the company to channelize into this market. The company had set up a $1 billion investmnet in 2015 and also opened a support centre in Hyderabad with an inve...

Uber’s European Policy Chief Christopher Burghardt Quits

18Oct By reutersNo Comments

News

Uber’s European Policy Chief Christopher Burghardt Quits

Uber’s European policy chief Christopher Burghardt has quit to join the electric vehicle charging network company Chargepoint, the latest senior figure to leave the taxi app, the Financial Times reported on Tuesday. Burghardt, the head of policy for Europe, the Middle East and Africa, departs after less than two years with the group, and will become managing director for Chargepoint in Europe in November, the FT said. No one was immediately available from Uber to comment. RELATED Now Uber’s Chief Legal Officer Set To Leave The Company Earlier this month, Uber’s top boss in Britain also quit the Silicon Valley company, which was told last month by London’s transport regulator (TfL) that its license to operate in the British capital would not be renewed. It is appealing t...

Ola Confirms $1.1 Bn Fund Raise From Tencent Holdings

11Oct By RishabhNo Comments

FUNDING

Ola Confirms $1.1 Bn Fund Raise From Tencent Holdings

One of India's unicorn, Ola, operated by ANI Technologies Pvt Ltd has confirmed that it has closed a $1.1 billion funding from Tencent Holdings, a leading Chinese internet company. The round also saw participation from its existing investor- SoftBank Group and other new US-based financial investors. Ola also said that it is in advanced talks with existing and another investor to raise additional $1 billion, thus rounding off what may turn out to be a $2 billion funding round. After a billion scale funding received by Flipkart and Paytm, Ola is the third one to receive such massive funding this year. Flipkart leads them by having raised at least $2.8 billion in two separate tranches from SoftBank, Tencent, eBay and Microsoft, followed by Paytm which raised $1.4 billion from SoftBank....

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...

1Mar By AnkitaNo Comments

FUNDING

Inter-city Cab Rental Platform MyTaxiIndia Raises Funding

Inter-city cab rental platform MyTaxiIndia has raised an undisclosed amount from ZGC Global, a Dubai-based investor to expand its operations. MyTaxiIndia, which claims to be present in 200 cities, is looking at rolling out its offerings in the North-East as well as tier I and II cities in states like Bihar, Uttar Pradesh, Madhya Pradesh and Chhattisgarh. However, no financial details of the investment were divulged. The company plans to raise its next round of funding of about USD 5 million in the next four months. Stating that the Dubai-based company will also participate in the Series A round, MyTaxiIndia Co-Founder Anshuman Mihir said: "We are discussing the valuation with several venture capital firms... We would be raising up to USD 5 million". In July 2016, MyTaxiIndia ha...

Ola, Uber Welcomed Indian Government Decision on Regulating The Taxi Industry

22Dec By NitishNo Comments

News

Ola, Uber Welcomed Indian Government Decision on Regulating The Taxi Industry

Leading ride-hailing firms have praised an Indian policy blueprint on regulating the taxi industry, saying it would offer their app-based services a chance to flourish despite their concerns about price caps. A committee set up by the Ministry of Road Transport and Highways recently published its findings, stating that India needed one regulatory framework for the taxi industry to promote mobility and discourage car ownership. It also said that aggregators, such as Uber, Ola and Meru, should be included under a "fair, uniform and transparent" regulatory framework, along with radio taxis and traditional city taxis. The report's recommendations came against a backdrop of battles with city authorities on issues such as dynamic, or "surge", pricing that the ride hailing firms say they ne...

Uber Enter Into Billion Dollar Market “Indian Weddings”, Launched UberWEDDINGS in 12 Cities

22Nov By NitishNo Comments

News

Uber Enter Into Billion Dollar Market “Indian Weddings”, Launched UberWEDDINGS in 12 Cities

Taxi-hailing app Uber has partnered WedMeGood, a wedding planning website, to offer mobility solutions for wedding-related travel called UberWEDDINGS in 12 Indian cities. UberWEDDINGS will be live till February 2017 and will provide convenient, hassle-free and cashless mobility solution to users in New Delhi, Ahmedabad, Bengaluru, Chandigarh, Chennai, Hyderabad, Jaipur, Kolkata, Ludhiana, Pune, Udaipur and Lucknow, Uber India said in a statement. Apart from India, Uber offers UberWEDDINGS in Washington DC, San Francisco, New York, Boston and LA as well. "Weddings in India are typically an elaborate affair, often spanning month-long planning and week-long celebrations involving family and friends. While we all enjoy the fun and celebration, they also bring in the logistical challen...

20Sep By reutersNo Comments

FUNDING

Ride-hailing App Grab Raises $750M in Funding Led By SoftBank

Southeast Asian ride-hailing firm Grab said it raised $750 million in a funding round led by investor SoftBank Group, helping it build a warchest to solidify its leading position in the region and head off competition from Uber. Southeast Asia is fast becoming a key battleground for ride-hailing firms thanks to a burgeoning middle class as well as a youthful, Internet-savvy demographic. Grab's announcement comes a few weeks after Uber sold its China operations to bigger domestic rival Didi, an existing Grab investor, and analysts have said Uber may focus its efforts and money elsewhere, such as in Southeast Asia. The company is now valued at over $3 billion, a source familiar with the matter said. Its total capital position had increased to over $1 billion, the company said in a s...

World’s First Autonomous Taxis Hit The Road in Singapore

25Aug By NitishNo Comments

Automobile

World’s First Autonomous Taxis Hit The Road in Singapore

AP- The world's first self-driving taxis began picking up passengers in Singapore starting Thursday. Select members of the public can hail a free ride through their smartphones in taxis operated by nuTonomy, an autonomous vehicle software startup. While multiple companies, including Google and Volvo, have been testing self-driving cars on public roads for several years, nuTonomy says is the first to offer rides to the public. Its launch in Singapore is beating ride-hailing service Uber, which plans to offer rides in autonomous cars in Pittsburgh, by a few weeks. NuTonomy is starting small - six cars now, growing to a dozen by the end of the year. The ultimate goal, company executives say, is to have a fully self-driving taxi fleet in Singapore by 2018, to help cut the number of cars o...

Uber Launches Scheme For Local Taxis and Autos

28Jul By RishabhNo Comments

News

Uber Launches Scheme For Local Taxis and Autos

Taxi aggregator Uber today announced the Mi Pan Malak scheme to encourage taxi and auto drivers across the megapolis to join its platform. Under the scheme, the drivers can avail of offers and services through Ubers partnerships with leading financial institutions and car manufacturers with a down payment of as low as Rs 25,000, Uber said in a statement here. (more…)

Uber’s Rival in Pakistan Uses Rickshaws, Low-Tech Phones

20Jun By reutersNo Comments

Story

Uber’s Rival in Pakistan Uses Rickshaws, Low-Tech Phones

As taxi hailing giant Uber enters Pakistan, a little-known local competitor is counting on a mix of new ideas and old technology to tap what could be a big chunk of the market: low-income residents who travel in rickshaws, not cabs. Known as Rixi, the Lahore-based service hails rickshaws instead of cars. Its platform is not smartphones, but older SMS phone messaging that allows nearby drivers to bid for any user's business. Pakistan has more than 130 million cellphone subscriptions, but only 21 percent subscribe to data packages, and, while the proportion is rising, there are opportunities across emerging economies in Asia to tap a relatively low-tech customer base. In Thailand, Taxi Radio uses calls and text messages to put cabs and people in touch and is popular with those without s...

Odd-Even: These Startups Offering Free Rides

15Apr By AdityaNo Comments

News

Odd-Even: These Startups Offering Free Rides

With the second phase of odd-even scheme set to be rolled out from tomorrow, ride-sharing startups are lining up with free rides and scaling up operations to handle higher demand from consumers. The odd-even scheme was implemented on an experimental basis from January 1 to January 15 in view of high air pollution in the national capital. The second phase will commence on April 15. Bike taxi operator Rapido said, it will offer free rides to people travelling to and from some of the metro stations like HauzKhaz and Malviya Nagar during April 15-30. Bengaluru-based startup 360Ride, which offers a ride-sharing platform for personal vehicle owners, said it will incentivise people using its platform with commuters earning up to Rs 1,200 by sharing their ride on four-wheelers and Rs 600 on t...