Ola Cabs

Flipkart co-founder Binny Bansal planning to invest $100-150 mn in PhonePe

PhonePe has a formidable market presence in the Indian digital payments space. The app leverages the Unified Payments Interface (UPI) like its other peers

India should lead in adopting AI technology with open arms: Ola Cabs CEO

Artificial Intelligence (AI) is a massive technology tool for increasing productivity and India should take a lead in adopting such technologies, Bhavish Aggarwal, the co-founder and Chief Executive Officer of Ola Cabs, said on Saturday. Speaking at the ABP Network's Idea of India Summit here, Aggarwal also discounted the notion that embracing such technology would result in job losses. Technology trends like AI are so disruptive. While one can think that it (the adoption of AI) threatens jobs, "I see it as a massive technology tool for increasing productivity", he said. "And we in India, as an economy and as stakeholders of the economy, should all adopt AI with open arms," Aggarwal said. He emphasised that the use of this technology could enhance productivity by 10 times, he said, "We should be the first adopter of AI and become the most productive in the world." It will have a significant impact on economic growth, he asserted. Noting that software development will be the fir

Ola subsidiary ties-up with Dbest Cars to dispose of used fleet vehicles

Ola Fleet Technologies on Tuesday said it has partnered with Dbest Cars India to dispose of its used commercial fleet vehicles in a deal worth over Rs 125 crore. As the largest radio taxi company in India, Ola Fleet Technologies, is undertaking the process to dispose of over 5,000 used commercial cars through the services of Dbest Cars India. "We are in process of disposing of our existing fleet which is now obsolete and for the same we have selected Dbest Cars to be our partner," Ola Director (Risks & Brand Protection) Gulshan Rao said in a statement. Introduction of regulatory changes such as BS-VI emission norms and scrappage policies have created an ecosystem for utilisation of and demand for used cars in India. With increasing motorisation rate, lower vehicle replacement cycle and increasing penetration of used car financing is expected to grow the Indian used car market at a CAGR (Compound Annual Growth Rate) of 15 per cent between FY21 and FY26 to touch about 80 lakh ...

Ola Cabs starts laying-off employees; issues pink slips to 200 people

The company has handed pink slips to 200 people across tech, engineering and product teams as a part of its "restructuring exercise"

Ola shuts in-car infotainment service launched in 2016 as global first

Industry sources say the service was not proving any value to the ride-hailing company

E-commerce firm not liable to pay GST on cab service by third parties: AAR

Experts say Karnataka authority's ruling would not apply to Uber, Ola and other cab aggregators

Ola Electric crosses 1 lakh production mark, says CEO Bhavish Aggarwal

The company sells three models of Ola electric scooters, Ola S1, Ola S1 Pro and Ola S1 Air

We are not here to have a nice time: CEO Aggarwal about Ola's work culture

The yardstick at which the firm would like to be judged is the impact it is creating, said Ola CEO

Can Bhavish Aggarwal's ambitious plans for Ola Electric challenge Musk?

Whether Ola Electric succeeds or not, Aggarwal's admirers seem to agree that he has turbo-charged the EV market, pulling in millions of investment dollars

Uber, Ola auto services 'banned' in Bengaluru; aggregators slash fares

Action after complaints of overcharging

Ola group drives back on layoff plan for nearly 200 engineers, for now

Overall, the company at a group level has a workforce of around 10,000 people

'Would never acquire a loss-making business': Ola CEO on merger with Uber

The Covid-19 pandemic has hurt the transportation industry. But Ola said it is one of the most profitable ride-hailing companies in the world with a strong balance sheet

M&M, Ola Electric to unfurl e-car strategies on 75th Independence Day

On August 15, two companies - Mahindra & Mahindra and Ola Electric are set to take the wraps off their individual e-car strategies as they seek to stake their claim in India's nascent e-car market

S&P affirms ANI Technologies' 'B-' rating on sufficient liquidity

ANI Technologies Pte Ltd is scaling back its growth aspirations in loss-making segments to reduce capital requirements

Will never merge: Ola CEO rubbishes reports of merger talks with Uber

Ola founder and CEO Bhavish Aggarwal has rubbished reports in a section of media about the company being in talks with Uber for a possible merger

RBI fines Ola Financial Services Rs 1.67 cr for not following directions

Ola Financial Services was found to be non-compliant with the directions issued by RBI on KYC requirements

Ola may lay off up to 500 employees in order to drive cost-efficiency

Layoffs may take place across Ola departments amid challenging funding environment and delay in listing plans

Ola in talks to raise over $1 billion through equity, debt: Report

Ola is in talks to raise over USD 1 billion in funding through a mix of equity and debt over the next few months as the ride-hailing platform prepares for hitting the IPO route next year, according to sources. The company has recently raised over Rs 1,049 crore (about USD 139 million) from Edelweiss and others at a valuation of over USD 7 billion. According to sources, Ola is in discussions to raise a pre-IPO round of over USD 1 billion at a valuation of USD 7.5 billion. The fund raise, which is expected to be done in multiple tranches, would be a combination of equity and debt, they added. Ola did not respond to emailed queries. The USD 139 million equity funding raised is part of this larger round, they said adding that the proceeds will be utilised for key growth areas in the new mobility ecosystem. Ola is also looking at raising USD 500 million via a Term Loan (TLB) from global institutional investors. It had recently received a B-rating from S&P Global and a B3 credit rating

Ride-hailing app Ola's General Counsel Sandeep Chowdhury quits

Chowdhury had joined Ola from Nuvoco Vistas Corp Ltd

Ola picks banks for $1 billion IPO, may file papers in Oct: Report

The Bangalore-based startup could seek a valuation of more than $8 billion in the IPO and could lodge a filing as soon as October, people familiar with the matter said