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Ola Fires 250 People Citing Non-Performance, Other Issues to Take on Rival Uber

4Sep By Press Trust of IndiaNo Comments

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Ola Fires 250 People Citing Non-Performance, Other Issues to Take on Rival Uber

Within weeks of firing about 700 employees of its TaxiforSure operations, cab aggregator Ola has now sacked close to 250 people from its own workforce citing non-performance and other issues. The move comes as the Bengaluru-based firm is locked in an intense battle with global rival Uber in the Indian market. "An annual attrition of 3-4 per cent is a natural churn that is witnessed in the current industry scenario. This includes performance driven exits, contract roles as well as a few surfacing from constant business realignment," an Ola spokesperson said. The spokesperson further added that these have been "well thought through" organisational decisions, keeping in mind the best interests of employees and business efficiencies. The company, however, said it also inten...

Didi Acquisition of Uber Was Pre-planned, Will Investigate: China

2Sep By reutersNo Comments

CHINA, News

Didi Acquisition of Uber Was Pre-planned, Will Investigate: China

China's commerce ministry is investigating the planned acquisition by ride-hailing firm Didi Chuxing of U.S. rival Uber Technologies Inc's China unit over anti-monopoly concerns, the ministry's spokesman said on Friday. Shen Danyang told reporters the Ministry of Commerce would look to protect fair market competition and consumer interests in the deal, which will create a roughly $35 billion giant dominating China's car-hailing market. A representative for Uber could not be reached immediately for comment. A Didi spokeswoman said: "We are in communication with the authorities." It is unclear how the investigation could affect Didi's planned acquisition and subsequent integration of Uber's China unit, already the top two players in the market. That had raised monopoly concerns as D...

Taxi Aggregator Uber and Careem Suspend Services in UAE Capital

29Aug By NitishNo Comments

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Taxi Aggregator Uber and Careem Suspend Services in UAE Capital

Ride-hailing companies Uber and Careem have suspended services in Abu Dhabi, the capital of the United Arab Emirates, since Saturday and do not know when they can resume operations, they said on Sunday. The National, a UAE newspaper, quoted unnamed sources as saying that as many as 50 drivers for Uber and Careem had been arrested. An Abu Dhabi source familiar with the situation told Reuters some drivers had been detained over violations of regulations but did not specify how many drivers or describe the violations. “This is a temporary suspension and we will let you know of any further updates,” an Uber spokesman in Dubai said via email. He did not respond to questions about the arrests or the reason for the suspension of services. Christian Eid, vice-president of marketing and com...

Ola Shutting Down TaxiForSure, To Integrate Hundreds

19Aug By AnkitaNo Comments

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Ola Shutting Down TaxiForSure, To Integrate Hundreds

ANI- Taxi aggregator Ola, which acquired rival TaxiForSure a little over a year ago in a USD 200 million (roughly Rs. 1,240 crores) deal is now reportedly shutting down TaxiForSure as a separate offering, laid off 700 employees and integrating its fleet a report stated here today. "The TaxiForSure (TFS) value proposition as an economy brand for customers has been seamlessly integrated onto the Ola platform with the launch and rapid adoption of Ola Micro," Ola said in a statement. The development comes at a time when the SoftBank-backed aggregator is looking to reduce its cash burn in comparison to rival aggregator Uber. "TFS has contributed immensely towards Ola Micro's success within a short span of time. Ola Micro has expanded to over 90 cities across India and accounts for the larges...

Didi’s Cheng Wei: Chinese Patriot Who Tamed Uber

12Aug By reutersNo Comments

CHINA, News

Didi’s Cheng Wei: Chinese Patriot Who Tamed Uber

Cheng Wei, 34, was once assistant to the head of a foot massage firm. Last week, his company Didi Chuxing bagged Uber's China business in a deal valuing his ride-hailing start-up at $35 billion - a second success in as many years in a gruelling battle with a rival. Investors and Didi staff say Cheng has a cool head, a keen strategic eye and a lack of ego - all pivotal in taking on and beating Uber in a two-year, multi-billion-dollar scrap for China's competitive ride-hailing market. But his leadership style is also cut-throat and tinged with nationalism, say some of those who know him. He often references China's history and military in his speeches. He will be closely watched now as he looks to turn his vast, money-losing ride-hailing company into a meaningful business. Chinese m...

Ola Launches Intra-city Rental Service With Hourly Packages

11Aug By PriyankaNo Comments

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Ola Launches Intra-city Rental Service With Hourly Packages

Taxi aggregator Ola has launched a new category to rent taxis called Ola Rentals to simplify intra-city travel with hourly packages across Ola Lux, Ola Prime (Sedan and SUV) and Ola Mini. Ola Rentals is available in 35 cities and will soon be rolled out in 100 cities across India, the company said in a statement here. It is aimed at servicing Ola Corporate customers and working executives who move from one meeting to the other during the day as well as individuals require the convenience of having a cab on disposal for diverse needs like local sightseeing, or shopping trips, it added. "Launched recently, the (Ola Rentals) category is already growing at a rapid pace and we are now taking it to the next level by introducing it for our customers on the Ola Corporate platform," Ra...

Didi and Uber Join Fight Against Ola in India

10Aug By reutersNo Comments

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Didi and Uber Join Fight Against Ola in India

Didi Chuxing's acquisition of Uber's China business last week reshapes the landscape in Asia's growing ride-hailing sector, and leaves India's Ola more vulnerable to attack by Uber in its $12 billion home market. Four months ago, Ola executives met with Didi hoping the Chinese firm would invest fresh capital to help it fight Uber Technologies Inc which, with its deeper pockets, has made rapid inroads into India. They were told Didi wanted first to sort out its own challenges in China, said a person with direct knowledge of Ola's plans. Didi and Uber have raised and spent billions of dollars in a discount slugfest to win drivers, passengers and market share in China. Didi, now worth around $35 billion, last year invested about $30 million in Ola, which is also backed by Japan's ...

How Apple Backing Helped China’s Taxi Aggregator Didi Chuxing To Outrun Uber in China

4Aug By reutersNo Comments

Story

How Apple Backing Helped China’s Taxi Aggregator Didi Chuxing To Outrun Uber in China

Apple Inc's $1 billion investment in car-hailing app Didi Chuxing in May helped accelerate Uber's decision to agree a halt to a costly two-year battle with its rival in China, people close to the companies and analysts said. Didi Chuxing Technology Co and Uber Technologies Inc raised billions of dollars in funding and spent heavily on discounted rides as they slugged it out for drivers, passengers and market share in the world's second-biggest economy. Uber finally ceded this week, realizing it was no match for a cash-rich rival with the backing of three of the world's largest technology giants. It agreed to give up its independence in return for a nearly one-fifth stake in a bigger Didi. Didi raised far more money than Uber China making China the first market where Uber's strategy of...

Ola to Invest Rs 350 Crore in Haryana Over 5 Years

28Jun By AdityaNo Comments

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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 ...

Doubts Surrounding Over Investors Backing Both Uber and Didi in China

17Jun By AnkitaNo Comments

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Doubts Surrounding Over Investors Backing Both Uber and Didi in China

Ride-hailing companies Uber and Didi have brought many new dimensions to the startup industry, such as making billion-dollar-plus funding rounds routine. Now, they have added another to the list: sharing big investors who are backing both companies, even though they are fierce rivals. Uber, the leading ride service in the United States and much of the world, and Didi Chuxing, which claims 87 percent of the Chinese market for private vehicle ride-hailing, now share at least four investors: asset manager BlackRock, Chinese investment manager Hillhouse Capital Group, hedge fund Tiger Global and insurer China Life, according to investment records and sources familiar with the deals. "It's very unusual to allow the same parties to invest and get information rights of sworn mortal enemies. ...

Taxi Aggregator Meru Targeting Revenue of Rs 850 crore in 2016-17

6Jun By NitishNo Comments

News

Taxi Aggregator Meru Targeting Revenue of Rs 850 crore in 2016-17

Working on a model to "make every city profitable", taxi services provider Meru is targeting a revenue of Rs 850 crore in 2016-17 on the back of new services and deeper penetration into existing markets. The company, which returned to profits in December quarter of the previous fiscal after a gap of almost 1.5 years, clocked a revenue of about Rs 600 crore in 2015-16. "We are growing steadily by 35 per cent every year, and are targeting a revenue of Rs 850 crore by the end of the current fiscal on the back of our new channels, deeper penetration into existing markets and expansion. We are working on a model to make every city profitable," Meru Group CEO Siddhartha Pahwa said. Presently, Mumbai, Delhi, Bengaluru, Hyderabad, Ahmedabad and Kolkata have become entirely profita...

5Jun By Press Trust of IndiaNo Comments

CHINA

Uber Aims to Overtake China Market Leader Didi in 2017

Ride-hailing app Uber expects to continue on a "rapid growth" path in China, hoping to surpass market leader Didi Chuxing in 2017, Uber China's head of strategy said on Friday. The company has been in fierce competition with Didi Chuxing, which is backed by Internet giants Alibaba Group and Tencent, across China. Uber's market share in China has grown to about 30% now from 1% in 2015, Liu Zhen said at The Wall Street Journal's Converge technology conference in Hong Kong. Both companies have spent heavily to subsidise fares to gain market share in the country, raising speculation in local media that they might ultimately join forces. Didi itself teamed up with a former local rival last year. "I heard the noise a lot and got asked that a lot about this (a tie-up with Didi)," ...