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Mother of Uber CEO killed in California Boating Accident

28May By reutersNo Comments

News

Mother of Uber CEO killed in California Boating Accident

The mother of ride-hailing firm Uber's chief executive has died in a boating accident near Fresno, California on Friday, the Fresno County Sheriff's Office said on Saturday Uber CEO Travis Kalanick's parents Bonnie Kalanick, 71, and Donald Kalanick were on Pine Flat Lake when their boat struck a rock and sank, it said, adding that an autopsy is planned for Sunday. Donald Kalanick was being treated at an area hospital for what were described as moderate injuries. Uber officials were not immediately available for comment. The sheriff's office, however, posted a statement from Uber that read: "Last night, Travis and his family suffered an unspeakable tragedy." "His mother passed away in a devastating boating accident near Fresno and his father is in serious condition. Our thoug...

Ola and Mahindra Collaborated For EV Mass Mobility Ecosystem in Nagpur

26May By AdityaNo Comments

News

Ola and Mahindra Collaborated For EV Mass Mobility Ecosystem in Nagpur

On Friday, Ola along with Mahindra announced a joint venture programme to build an electric mass mobility ecosystem in Nagpur. Devendra Fadnavis, Chief Minister of Maharashtra, and Nitin Gadkari, Minister of Road Transport, Highways and Shipping, inaugurated the multi-modal electric vehicle project and Ola Electric charging station. This project brings vehicles across different segments and will include – e-cabs, e-buses, e-rickshaws, and e-autos on one platform. A press note sent by the company states that they already have over 100 of Mahindra’s e20 plus vehicles and the rest of the fleet will consist of vehicles sources from other OEMs including Tata Motors, Kinetic, BYD, and TVS amongst others. The electric charging station was unveiled within Nagpur’s airport complex. Ola has al...

Uber Faces Criminal Probe Over Software Used to Evade Authorities

5May By reutersNo Comments

News

Uber Faces Criminal Probe Over Software Used to Evade Authorities

The U.S. Department of Justice has begun a criminal investigation into Uber Technologies Inc's use of a software tool that helped its drivers evade local transportation regulators, two sources familiar with the situation said. Uber has acknowledged the software, known as "Greyball," helped it identify and circumvent government officials who were trying to clamp down on Uber in areas where its service had not yet been approved, such as Portland, Oregon. The company prohibited the use of Greyball for this purpose shortly after the New York Times revealed its existence in March, saying the program was created to check ride requests to prevent fraud and safeguard drivers. The Times report triggered a barrage of negative publicity for the company. The criminal probe could become a sign...

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...

Uber Moves Bombay HC For Rs 12 Crore Damage Case

22Apr By AnkitaNo Comments

News

Uber Moves Bombay HC For Rs 12 Crore Damage Case

App-based car service provider Uber India has approached the Bombay High Court seeking Rs 12 crore in damages from taxi owners and drivers associations for harming its reputation and livelihood of drivers by protesting against the company. In its suit, Uber India Systems Pvt Ltd also sought an injunction restraining the defendants from stopping Uber drivers to work, alleging that they were being "verbally abused, physically assaulted and threatened". The suit names Sangharsh Tourist Chalak Malak Sangh, an association of taxi owners and drivers, Action Committee of Maharashtra against Ola and Uber, Mumbai Vikas Foundation, All Drivers Welfare Association and Maharashtra Tourist Permit Union. "The defendants are deliberately, unlawfully and wrongfully resorting to violence and intim...

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...

Uber Posts $2.8 Billion Loss in 2016, Revenue at $6.5 Billion

15Apr By reutersNo Comments

News

Uber Posts $2.8 Billion Loss in 2016, Revenue at $6.5 Billion

Ride-hailing service Uber generated $6.5 billion in revenue last year and its gross bookings doubled to $20 billion, the company said on Friday. Its adjusted net loss was $2.8 billion, excluding the operation in China it sold last year, Uber said. As a private company, now worth $68 billion, Uber does not report its financial results publicly. It confirmed the figures in an emailed statement after Bloomberg reported the results. Uber did not provide first quarter figures, but a spokeswoman said they "seem to be in line with expectations." For the final quarter of 2016, gross bookings increased 28% from the previous quarter, to $6.9 billion. But Uber's losses grew to $991 million in the period, as revenues grew 74% to $2.9 billion from the third quarter. In a separate emailed...

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 ...

8Apr By AnkitaNo Comments

News

Uber Android App Banned in Italy

An Italian court has banned the use of smartphone apps for the ride-hailing group Uber, saying they contribute to traditional taxis facing unfair competition, local media reported. In a ruling that is subject to appeal, a court in Rome yesterday upheld a complaint filed by taxi unions and gave Uber ten days to end the use of various phone applications on Italian territory, along with the promotion and advertising of them. If Uber does not comply it could face a fine of 10,000 euros for each day it remains in defiance of the court. Uber said it was shocked by the ruling and that it would appeal immediately, seeking suspension of the ruling. The court's ruling follows a decision by a court in Milan two years ago to ban the company's UberPop application, which was deemed under Ita...

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 ...