Ola Ride

Ola Electric Mobility to launch IPO on August 2 to raise Rs 5,500 crore

Electric two-wheeler company Ola Electric Mobility will float its initial public offering (IPO) on August 2, and a significant part of the proceeds will be used for capacity expansion of its cell manufacturing plant and revving up R&D. The initial share sale will conclude on August 6, and the bidding for anchor investors will open for a day on August 1, according to the red herring prospectus (RHP). The company's proposed IPO is a combination of a fresh issue of equity shares up to Rs 5,500 crore and an offer for sale (OFS) of 8.49 crore equity shares by promoters and investors, the prospectus showed. Under the OFS, Ola Electric founder Bhavish Aggarwal will offload almost 3.8 crore shares. The price band of the company's maiden public issue will be announced on Monday. For Ola Electric, the IPO will provide the much-needed impetus to invest in enhancing cell manufacturing capacity and research and development on future technologies and products. According to its prospectus, Ola

Thousands of US Uber, Lyft drivers plan strikes on Valentine's Day

Thousands of US ride-hailing workers plan to park their cars and picket at major U.S. airports Wednesday in what organizers say is their largest strike yet in a drive for better pay and benefits. Uber and Lyft drivers plan daylong strikes in Chicago; Philadelphia; Pittsburgh; Miami; Orlando and Tampa, Florida; Hartford, Connecticut; Newark, New Jersey; Austin, Texas; and Providence, Rhode Island. Drivers also plan to hold midday demonstrations at airports in those cities, according to Justice for App Workers, the group organizing the effort. Rachel Gumpert, a spokesperson for Justice for App Workers, said ride-hailing drivers in other cities may also demonstrate or strike for at least part of the day. Uber said Tuesday it doesn't expect the strike to have much impact on its operations on Valentine's Day. These types of events have rarely had any impact on trips, prices or driver availability, Uber said in a statement. That's because the vast majority of drivers are satisfied. Gump

Ola expands Prime Plus premium service to Mumbai, Pune, Hyderabad

Following successful Bengaluru rollout, SoftBank-backed ride-hailing firm expands premium service

Top Headlines: India Inc's profit declines, Ola ride-share's IPO, and more

Business Standard brings you the top headlines at this hour

Mulling an IPO for Ola ride-share business next year, says Bhavish Aggarwal

'Looking at synergies with EV business, will announce details soon'

Ola not obligated to deduct tax at source on payment to driver: ITAT

Tribunal says Ola is a mere intermediary; its role is limited to managing OLA app, facilitating transport services by the driver to the rider and payment collection via e-wallet on driver's behalf

Ahead of IPO, Ola plans realignment of various businesses to cut costs

According to sources in the know, this exercise would result in reduction of its workforce by around 300 people, which is roughly 5-8 per cent of its overall headcount

How Ola bike is gaining rider confidence in small towns

Interestingly, around four out of every 10 Ola Bike trips are taken in small towns

Self-drive car sharing service 'Ola Drive' launched: All you should know

SoftBank-backed Ola intends to host a fleet of 20,000 cars by 2020

Ola Bike travels to hinterlands, expands to 150 cities with 300,000 riders

Karnataka was one of the first few states, including Haryana (Gurugram and Faridabad) and Rajasthan, where the Bhavish Aggarwal-run company launched bike taxi services in 2016

Mumbai man gets bill of Rs 149 cr for an Ola ride

Ola settled the issue and tweeted a special code to Narsian offering him a free ride