Page 2 - Ola Cabs

Ola Cabs CEO Hemant Bakshi resigns; company to lay off 10% employees

Hemant Bakshi's exit coincides with company's impending restructuring efforts, poised to impact at least 10 per cent of the workforce

Ola Cabs shuts down international ventures, shifts focus to Indian market

The future of mobility is electric - not just in personal mobility but also for the ride-hailing business, and there is immense opportunity for expansion in India, said the statement

Fare of shared cabs on Pune, Nashik and Shirdi routes from Mumbai hiked

The fare of shared taxi services on the Nashik, Shirdi and Pune routes from Mumbai have been increased in the range of Rs 50 to Rs 200, transport department officials said. The Mumbai Metropolitan Region Transport Authority (MMRTA), in its recent meeting held earlier this month, approved the fare revision of black-and-yellow non-AC taxis and blue-and-silver AC taxis on these three routes. For the AC taxi travel, the passengers boarding from Mumbai will have to pay Rs 100 more for Nashik and Rs 200 more for Shirdi, while they will have to Rs 50 extra for both AC and non-AC taxi travel to Pune, they said. The revised fare of AC taxis on the Mumbai-Nashik and the Mumbai-Shirdi routes will be Rs 575 and Rs 825 instead of the current Rs 475 and Rs 625 respectively. While the fare of the non-AC taxis on the Mumbai-Pune route will be Rs 500 instead of Rs 450, and for the AC taxis it will be Rs 575 instead of Rs 525. As per the minutes of the meeting, the fare revision was approved ...

Why startups are flipping back to India in spite of the hefty tax bill

The thing is, if a company wants to move from another country to India as a domicile, it is treated as a capital gains event for existing investors

TMS Ep624: Byju's red flag, Bhavish's unicorns, markets, Parivesh 2.0

Is Byju's case a red flag for startup founders? Has Bhavish's 3rd unicorn cemented his startup success? Will the RBI change its stance in February policy? What is the Parivesh 2.0 portal? Answers here

Vanguard cuts valuation of Ola Cabs by about 30% at about $1.88 billion

Ola Cabs was co-founded by Bhavish Aggarwal in 2010 and found immediate backing from marquee investors such as Softbank and Tiger Global, besides Vanguard

Ola's parent ANI Technologies posts Rs 2,800 crore revenue in FY23

The firm also has cut down its losses by nearly 50 per cent to Rs 772 crore during FY23 compared to Rs 1,522 crore in FY22, according to media platform Entrackr

LIVE: Delhi bans entry of app-based cabs from other states as AQ dips

Catch all the latest updates LIVE from across the globe here

Delhi bans entry of app-based cabs 'in accordance with SC order': Minister

Delhi Environment Minister Gopal Rai on Wednesday said the city government's transport department has been directed to ban app-based taxis "in accordance with the Supreme Court's orders". Officials, however, pointed out that only a detailed order will make it clear if the ban will come into effect from this week or be effective during the implementation of the odd-even car rationing scheme. The transport department will issue a detailed order on the issue and it will clear things, they said. On Tuesday, the Supreme Court asked the Delhi government to consider allowing only locally registered taxis to ply on the city's roads. It said a large number of taxis registered in other states were seen on the roads, carrying only one passenger. "We may also note that there is a large number of app-based taxis in Delhi which have registrations in different states. If we look at the roads, each one is carrying only one passenger. We would like to know whether there is any way of monitoring, ..

Ride-hailing company Ola Cabs loss widens to Rs 3,082 crore in FY22

Ride-hailing company Ani Technologies Pvt Ltd, popularly known as Ola Cabs, saw its loss widening to Rs 3,082 crore in 2021-22, according to financial data accessed by business intelligence platform Tofler. The company's losses have more than doubled on a year-over-year basis, the data showed. "Ani Technologies Pvt Ltd, an online transportation network company (popularly known as Ola Cabs), reported its revenues for the 2021-22 financial year at Rs 1,350 crore, a 49 per cent jump since the last financial year," Tofler said in a statement. "The company further reported a net loss of Rs 3,082 crore during the fiscal. This is a 132 per cent higher than the last financial year," the statement said. The company's total expenses for the fiscal were reported as Rs 1,539 crore, the statement said. An email query sent to Ola seeking a response did not elicit an immediate reply. Ola operates in more than 250 cities in India, Australia, New Zealand, and the UK.

Ola launches 'Prime Plus' cabs for cancellation-free rides; details here

Ola will not hire new drivers or vehicles for the new service and would instead rely on its existing fleet, sources said

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