Ola
Ola Electric to invest $100 million in gigafactory
Ola Electric founder Bhavish Aggarwal said is developing a 4680 form of battery cells, which is more energy-dense and advanced than the 2170 form of battery cells it currently sources for its electric scooters.
India needs to build its own EV paradigm, products, and core technology in the EV stack: Bhavish Aggarwal, Ola
This is the start of the EV penetration. India is the world's largest two-wheeler market. 20 million two-wheelers are sold a year. Over time, EV penetration will grow to a much larger percentage in the overall industry and there is no single company that can achieve that full transition, says Bhavish Aggarwal,
'We hire more women because they are more disciplined', says Ola founder Bhavish Aggarwal on Foxconn controversy
Ola's founder Bhavish Aggarwal reaffirmed the company's commitment to employing women, including married women, amid reports of Foxconn's discriminatory practices. Ola's FutureFactory in Tamil Nadu employs an all-women workforce, with plans to extend this model to its new Gigafactory. Aggarwal emphasized that women are disciplined and dexterous, and Ola aims to address the low representation of women in the workforce by hiring at all levels, including senior management.
Ola plans to launch four electric motorcycles, to start delivery of Ola S1 X models from FY25
Ola Electric has received SEBI approval for its IPO, aiming to raise up to Rs 5,500 crore through fresh equity and an offer for sale. The EV maker plans to expand its product line with new motorcycles and scooters while boosting production capabilities.
Ola Electric to invest $100 mn in first phase of Gigafactory, says Bhavish Aggarwal
Ola Electric, the electric vehicle manufacturer, plans to invest $100 million in the first phase of building its Gigafactory for producing lithium-ion battery cells. The investment will be used for 'phase 1A' of the Gigafactory, which will set up 1.5 GWh of cell manufacturing capacity. The aim is to expand capacity to 5 GWh in 'phase 1B'.
Rs 4,000 per day: Bengaluru cab driver's earnings shock netizens
A Bengaluru cab driver revealed to a passenger that he earns ₹3,000 to ₹4,000 daily, supplemented by driving for Ola, totaling up to ₹75,000 per month. The Reddit post detailing this conversation has received over 300 upvotes and sparked a discussion on cab drivers' earnings, highlighting different perspectives on work and income.
Ola Electric is said to face investor pushback on IPO valuation
Ola Electric Mobility is encountering resistance from investors regarding its targeted valuation for the upcoming initial public offering. According to sources familiar with the matter, the company's founder is aiming for a valuation of up to $7 billion in the Mumbai listing. However, initial feedback from investors suggests a valuation closer to $5 billion. The sources requested anonymity as the information is not public.
Ola Electric, Emcure Pharma get Sebi nod for IPOs, setting stage for big listings
The Bengaluru-based company had filed its draft prospectus with Sebi in December last year. The issue comprises a fresh equity sale of Rs 5,500 crore and an offer-for-sale (OFS) of 95.2 million shares.
Ola Electric gets Sebi nod for public offer
Ola Electric, set for a $6 billion IPO, plans layoffs amid IPO filings by Swiggy and FirstCry.
Ola Electric secures Sebi approval for Rs 5,500 crore IPO
Ola Electric's IPO would be the first by an EV startup in the country and amongst the biggest new-age IPOs this year. The Bengaluru-based company had filed its DRHP with Sebi on December 22, proposing to raise up to Rs 5,500 crore through a fresh issue, apart from an OFS component of 95.2 million shares.
Vadodara man tests Ola EV in flooded street. Here's why you shouldn't mimick him
In Gujarat, a man tests an Ola electric scooter in flooded streets, sparking concerns about water damage risks from hidden dangers like potholes and sewer covers.
Ola working on solid-state batteries, okay with govt tapering off EV subsidies
Ola Electric, led by Bhavish Aggarwal, revolutionizes electric vehicle batteries with cutting-edge technology. Partnering with Beijing Welion New Energy, they achieve a 1000 km range with innovative battery-swapping services. The industry anticipates electric aircraft powered by these advancements, cementing Ola Electric as a pioneering force in the EV sector.
Startup layoffs in 2024: Ola Electric, Byju’s, Flipkart among firms shedding jobs
Indian startups and large new-age companies have been cutting down their workforce since the beginning of this year.
Ola Electric, Emcure Pharma among 12 companies to launch IPOs in next 2 months
India's primary market anticipates over two dozen IPOs in the next two months, targeting to raise more than Rs 30,000 crore. 18 companies have received approval from SEBI to launch IPOs, aiming to raise over Rs 20,000 crore while an additional 37 companies have filed the DRHP to raise over Rs 50,000 crore and are awaiting approval, according to primedatabase.com. Here is a list of companies planning to launch their IPOs in the upcoming months:
Ola Electric eyes leaner road to profitability, to cut 400-500 roles
Ola Electric, eyeing an IPO, is reportedly trimming its workforce by 400-500 employees to streamline operations. This number may change as the senior leadership is still concluding the scale of the layoffs. They are expected to hit multiple verticals, sources told ET.
Ola Electric IPO: All about the first EV startup IPO in India
Ola Electric, a Bengaluru-based EV startup, receives Sebi approval for IPO, marking a milestone in Indian EV industry. Founder Bhavish Aggarwal informed employees about the regulatory green light.
Matter Motors raises Rs 82 crore from Japan Airlines & TransLink Innovation Fund, others
Matter Motors secures significant funding from diverse investors, propelling expansion plans. With a competitive market landscape, the company aims to deliver innovative electric motorcycles globally, targeting European markets like Turkey and Spain for growth.
Ola Electric secures Sebi nod for Rs 5,500-crore IPO
Ola Electric has received approval from Sebi for the first EV startup IPO in India. This would be among the biggest new-age IPO in India this year. Swiggy and FirstCry have also filed their draft IPO paper and awaiting regulatory clearance. The Bengaluru-based company is eyeing a $6-billion valuation through the public offering.
General Catalyst-Venture Highway deal; Sebi clears Ola Electric IPO
Silicon Valley investor General Catalyst has acquired Indian early stage fund Venture Highway. More on this in today’s ETtech Top 5.
Ola is shifting its IT ops to Krutrim from AWS cloud
This comes two weeks after Ola founder Bhavish Aggarwal snapped ties with Microsoft Azure after LinkedIn deleted his post related to "pronoun illness" of western AI models. Experts, however, say that losing Ola as a customer for AWS and Microsoft is only a needle in the haystack.
Credit card bill payment hurdles; startup funding logs slight uptick
Happy Friday! The central bank has mandated credit card bill payments through Bharat Bill Payment System (BBPS), but only eight of 34 banks are live on the network, causing concern among payment companies. This and more in today’s ETtech Morning Dispatch.
Brands by scions attract VC money; Ola Electric layoffs
Happy Monday! A new wave of brands founded by second generation entrepreneurs is snagging venture capital. This and more in today’s packed edition of ETtech Morning Dispatch.
Hyundai India to Ola Electric: Over Rs 50,000 crore worth planned IPOs likely in next few months
Some of the expected IPOs in the next few months include that of Ola Electric, FirstCry, Fincare SFB, NSDL, Afcons Infrastructure, Waaree Energies, Asirvad Microfinance, Stanley Lifestyles, One MobiKwik Systems, Emcure Pharmaceuticals, Allied Blenders and Distillers, Shiva Pharmachem, Bansal Wire Industries among others.
Ola CFO Kartik Gupta steps down two weeks after CEO exit
Kartik Gupta, Ola's CFO since November 2023, is stepping down just two weeks after chief executive Hemant Bakshi left the firm.
Top startup & tech stories this week
Welcome to a brand new edition of ETtech Unwrapped – our weekend newsletter. The week was packed with important stories broken by our reporters. Here’s a recap if you missed them.
Ankush Aggarwal returns to Ola Cabs; declining H-1B visas for IT staff
Happy Tuesday! Ola Cabs founder Bhavish Aggarwal’s brother Ankush is back at the ride-hailing business. More on this in today’s ETtech Morning Dispatch.
Ola Cabs brings back Ankush Aggarwal to its ride-hailing biz
Amid top-level changes at Ola Cabs, founder Bhavish Aggarwal’s brother Ankush Aggarwal has returned to the ride hailing business after a stint with electric scooter maker Ola Electric. Ankush has also been made chief executive of Ola Financial Services.
Zomato’s Rs 300-crore Blinkit boost; Ola Electric gets IPO nod
Food delivery company Zomato will infuse Rs 300 crore into its quick commerce unit Blinkit. This and more in today’s ETtech Top 5.
Visa fee hike hits IT cos; Airport cab fares set to rise
Happy Friday! The hike in H-1B visa fee will hurt IT service companies severely, experts have warned. This and more in today’s ETtech Morning Dispatch.
Taxi trips from Bengaluru airport via apps set to become costlier
The fee increase is happening as the agreements between cab companies Ola, Uber and BluSmart and the Bengaluru International Airport Ltd (BIAL) are up for renewal. The airport operator is paid a certain fee on every ride, as per these contracts. This charge is then passed on by the cab aggregators to their passengers as airport pickup fee.
Ola CFO exits; India’s data centre edge
Kartik Gupta, chief financial officer, Ola Cabs has stepped down, just two weeks after chief executive Hemant Bakshi’s exit. This and more in today’s ETtech Top 5.
Ride-hailing startup BluSmart to raise Rs 200 crore in new funding
BluSmart has raised nearly $24 million or Rs 200 crore in its latest funding round. In January this year, BluSmart had raised $25 million, while in 2023 it conducted funding rounds worth $66 million.
Sachin Bansal exits Ather Energy selling remaining stake to Hero MotoCorp, Nikhil Kamath
Hero MotoCorp bought this stake at an inferred valuation of Rs 5,636 crore. This is a premium to the Rs 4,666-crore valuation at which the company had invested Rs 140 crore in Ather in December 2023.
IPO-bound cos wary after poll results; NBFCs’ balancing act
Happy Friday! New-age firms planning to go public are moving cautiously as stock market volatility remains a concern after the 2024 general election results. This and more in today’s ETtech Morning Dispatch.
Startups seek advice on IPO timing in choppy markets
Multiple new-age companies looking to go public are seeking counsel on their next moves in response to the stock market volatility following the general election results on Tuesday. These companies are looking for advice on the timing of their public listings even as they remain confident about India's macroeconomic prospects, founders, investors and investment bankers told us.
Hope this 'pronoun illness' doesn’t reach India: Ola CEO Bhavish Aggarwal on gender pronouns
BJP spokesperson Pratul Shah Deo accused the Congress of involvement in black money operations after the Enforcement Directorate recovered over Rs 20 crore from the household help of Sanjiv Lal, Personal Secretary to Jharkhand Rural Development Minister Alamgir Alam, a Congress leader. Deo called for action from the Election Commission, suggesting that the large sum could be linked to attempts to influence ongoing elections. He emphasized the need for the swift arrest and interrogation of Alamgir Alam to uncover the source and intent behind the seized funds.
Startups’ new hiring strategies; unprecedented poll buzz online
Happy Thursday! While layoffs continue, startups are strategically refilling certain open positions with lower-salaried junior staff to cut costs. This in today’s ETtech Morning Dispatch.
How startups are changing their hiring strategies to streamline costs
Facing a prolonged funding drought, startups are trying a new approach to cost-cutting. Layoffs continue, but some companies, like Swiggy and Ola, are strategically refilling certain open positions with lower-salaried junior staff, according to industry insiders.
Ola's Bhavish Aggarwal snaps ties with Microsoft Azure in stand against Western tech
Bhavish Aggarwal has criticised LinkedIn for deleting his posts without notification. He also flagged the Microsoft-owned professional networking platform's AI tool for imposing a political ideology on Indian users, emphasising that his opinions cannot be erased. Aggarwal's protests drew support from peers such as Unacademy founder Gaurav Munjal, as well as several other users of LinkedIn.
IT firms trim bench strength; GCCs focus on compliance
Happy Thursday! The country’s top IT firms have seen a massive drop in their bench strength, i.e. employees not on active projects. Find out why and more in today’s ETtech Morning Dispatch.
India considers incentives for lithium processing
India is contemplating providing incentives to private companies to establish lithium processing facilities in an effort to develop its lithium mining sector and bolster the supply of the EV battery metal. Under a new critical minerals policy being formulated by the mines ministry, incentives would be offered to companies to set up lithium processing plants, covering aspects from exploration to mining to value addition. While the exact form of incentives is yet to be determined, the government aims to draw inspiration from countries like Australia and Canada.
EV ride-hailer BluSmart seeks $300 million to expand car fleet
BluSmart, India’s top electric cab operator, aims to raise $300 million to expand its fleet with cars from top manufacturers, targeting major cities for premium service. The company focuses on electrification and sustainability efforts in India, with plans to double revenue by 2025.
Karnataka HC upholds govt notification, caps service fee on app-based auto rides at 5%
Justice Suraj Govindaraj, while dismissing the petitions from the app-based aggregators, said the platforms were entitled to collect 5% service charge over and above the base fare fixed.
IAMAI seeks two-month extension of deadline for declaring vehicle fleet details
IAMAI, representing food delivery giants Zomato and Swiggy, ride-hailing companies Ola, Uber, and Rapido, has requested a two-month delay from the Delhi government for these platforms to report on their existing vehicle fleets.
Okaya EV MD Anshul Gupta reveals company's future strategy, says not in a price war with Ola
Okaya launches premium brand Ferrato with Disruptor electric bike. Anshul Gupta discusses future plans, FAME subsidy, market share changes, network expansion. Focus on premium products, impact of subsidies, resale value, and EV chargers standardization.
Ola Cabs plans $500 million IPO, to appoint banks soon: Report
SoftBank-backed Ola is India's answer to Uber and plans to file papers for approval with the country's market regulator within three months, said the sources, who declined to be named as the matter is confidential.
In Gurgaon, BJP paints Inderjit and Raj Babbar's clash as local vs outsider
Gurgaon's diverse contest features BJP's Rao Inderjit Singh against Congress' Raj Babbar, Jannayak Janta Party's Fazilpuria, and Kusheshwar Bhagat. Singh emphasizes 'native vs outsider' while Babbar focuses on civic issues.
Ola plans $500 million IPO, to appoint banks soon
SoftBank-backed Ola is India's answer to Uber and plans to file papers for approval with the country's market regulator within three months, said the sources, who declined to be named as the matter is confidential.
Ola eyes grocery and fashion foray on ONDC
Ola expands e-commerce via ONDC, adding groceries and fashion. Uber may use ONDC for diversification. Ola sees profitability with Rs 250 crore Ebitda in FY23, revenue grows 58%, loss reduces 65%.
Ola to slash S1X's price?
Ola's S1X electric scooter, with 143km range and 90 km/hour speed, gained popularity with record registrations. CEO Bhavish Aggarwal hinted at further price cuts, driving increased sales and market share.
Uber gets nod to run bus service in Delhi
Uber has received a licence from the Delhi transport department to run its bus services. This is under the Delhi government's app-based premium bus aggregator scheme notified last November which aims to encourage the upper middle class to switch to public transport. Other than India, Uber operates its shuttle product in Egypt.
Ola reduces prices of S1X variants, cheapest scooter to now come at Rs 69,999
Ola Electric slashes S1X variant prices with the cheapest model now at Rs 69,999. Various models available with different kWh variants. Deliveries starting next week. Extended battery warranty introduced across the lineup.
Ola Cabs to exit international markets this month
Ola Cabs to exit UK, Australia, New Zealand. The firm has started sending out notifications to users and drivers about the impending closure of operations.
Hero MotoCorp planning to launch electric two wheelers in mid and affordable segment
Hero MotoCorp plans to launch electric vehicles in the mid and affordable segment, aiming for international sales growth. CEO Niranjan Gupta expresses optimism about industry growth and Q4 profits, facing competition from TVS Motor, Bajaj Auto, Ather Energy, Ola Electric.
Paytm app launches auto-rickshaw booking feature via ONDC
Paytm introduces auto-rickshaw booking on its app through ONDC and Namma Yatri for users in NCR, Bengaluru, and Chennai. ONDC tab includes food, groceries, and rides. Pai Platforms facilitates the service with significant mobility transactions.
Ola Electric Mobility’s general counsel Sanjit Nagarkatti joins ELP’s Bengaluru office as partner
An alumnus of Bangalore University from the 1991 batch, Nagarkatti started his career with United Breweries Ltd. and subsequently worked with companies including then Vodafone Essar Ltd.
Mercedes retreats to gas guzzlers as EVs fail to boost profit
Mercedes-Benz Group AG is adjusting its electric-vehicle goals due to weakening sales, opting for combustion engines longer. CEO Ola Källenius cites slower transformation, pledging to make combustion and hybrid vehicles into the 2030s if demand persists. Disappointing electric model orders and lower margins prompt the shift, reflecting wider industry challenges.
Ola Electric slashes S1 X scooter prices
Ola Electric reduces S1 X scooter prices to bolster market position against Ather's Rizta. FY24 market leader with extended warranty and sales surge. Transition from FAME-II subsidies to EMPS. Subsidy approvals granted to key players.
Ecommerce growth slows; Ola Electric raises debt
The decline was indicative of softer demand as order volumes shrunk, even as the uptake of expensive items helped keep up overall sales. However, month-on-month sales are improving, fueling hope that with the onset of summer, increased demand for certain categories could bolster full-year sales figures.
Ola Cabs CEO quits; Elon Musk scores big win in China
Just three months after joining the ride-hailing firm, Ola Cabs CEO Hemant Bakshi has called it quits. Details on this and more in today’s ETtech Top 5.
Ola Cabs CEO Hemant Bakshi resigns; company to layoff 200 employees
Ola Cabs' CEO Bakshi leaves. This comes as the firm is preparing to file draft listing papers in the next three months.
Electric bike sales decline 50% in April amid subsidy changes
Electric two-wheeler sales in April dropped by 50% due to subsidy changes. Ola Electric led with 33,000 units sold out of the 64,000 total EV scooter sales. Companies like Bajaj, TVS Motors, and Ather Energy also felt the impact.
April electric two-wheeler sales halves on month
Electric two-wheeler sales plummeted 50% in April due to a seasonal slump worsened by subsidy changes. Ola Electric dominated with 33,000 scooter sales. Legacy firms like Bajaj and TVS Motors also saw declines.
End of Paytm’s existing wallet biz; Tribe Capital’s India play
Happy Tuesday! Regulatory actions have crippled Paytm Payments Bank's mobile wallet business. This and more in today’s ETtech Morning Dispatch.
Pavna Industries forays into EV segment; to supply auto components to OLA Electric
Pavna Industries partnered with OLA Electric for auto components supply in the domestic EV sector, emphasizing entry into the two-wheeler electric vehicle segment. Shares of Pavna Group closed at Rs 561.40 on BSE.
Not an April Fools joke: Bhavish Aggarwal teases Ola Solo, world's first self-driven electric scooter
Ola Electric's CEO Bhavish Aggarwal introduces Ola Solo, the first autonomous electric scooter. Packed with advanced AI technology, safety features, and a unique 'Juice Up' capability, the scooter aims to revolutionize ride-hailing and local commerce.
Ola Electric raises $50 million in debt financing from EvolutionX Cap
Ola Electric Mobility raised Rs 410 crore from EvolutionX Debt Capital, supported by DBS and Temasek. Founder Bhavish Aggarwal is pitching the IPO to global investors, aiming for a $7-8 billion valuation.
Ola, Uber roll out subscription-based plans for auto drivers
Adopting Namma Yatri, Rapido model may help platforms bypass 5% GST on auto rides. Ola has released its subscription model over the last few weeks for its auto drivers in select markets. Uber has also launched the same in six markets.
Ola Electric extends offers on S1X, S1 Air, S1 Pro until March 31
Ola Electric extends price cut on S1 X+, S1 Air, and S1 Pro electric scooters till March 31 due to popular demand. Price cuts range from Rs 15,000 to Rs 25,000. 8-year/80,000 km extended battery warranty introduced. Service network to expand by 50 percent.
Ola announces special discount on Women's Day, offer on electric scooters valid till this day
Ola Electric is offering additional discounts on International Women's Day, on top of the discounts announced earlier. However, the offer is valid for a limited time.
OLA Money wallet will stop working from April 1, 2024 if you don't do this; check details
OLA Money announced that its is entirely switching to small PPI (prepaid payment instrument) wallet services. OLA Money wallet will stop working from April 1, 2024 if you don't do this.
Namma Yatri goes live with cab service in Bengaluru
Namma Yatri expands to cab services in Bengaluru with a daily subscription model. The firm previously focused on autorickshaws and introduced a separate cab booking section in the app.
Electric vehicle retail sales grow across segments in FY24: FADA
India's electric vehicle retail sales boomed in 2023-24, with significant growth in all segments. The market is shifting towards sustainable transportation solutions, as highlighted by FADA President Manish Raj Singhania.
Strategy reset under new Tata Digital boss; subscription play for Ola, Uber autos
Handpicked by Tata Sons chairman N Chandrasekaran from their insurance arm, Tata AIA Life, Naveen Tahiliyani is fostering a collaborative spirit at Tata Digital and encouraging participation from other group companies, officials told ET. Meanwhile, Chandrasekaran is keeping a close eye on his progress.
Ola Electric plans e-autorickshaw launch ahead of IPO
Ola Electric plans to launch an electric autorickshaw, which will take on the likes of Mahindra Treo, Piaggio Ape e-city and Bajaj RE in the electric three-wheeler segment. The product was under development for a couple of years as part of its wider plans to enter the commercial vehicle business.
Ola Electric sees huge jump in sales post price cut: Report
Ola slashed the prices of S1 X+, S1 Air, and S1 Pro last week by upto Rs 25,000, bringing down their price significantly. Post the price cut, the EVs' cost are now almost at par with their ICE counterparts, making them really attractive.
ONDC’s one-year journey touching the 50-million transactions mark
Government-backed ONDC facilitated 49.79M transactions. Namma Yatri dominates mobility orders. Top brands onboarded: Wow Momo, McDonalds, Domino's Pizza. Network growth includes sellers, participants, categories, and expanding city reach.
Ola Electric S1 range prices slashed by Rs 25,000. Check prices here
Ola Electric has reduced the prices of its S1 scooter range by Rs 25,000, effective only in February. The S1 X+, S1 Air, and S1 Pro models have been reduced from Rs 1.09 lakh to Rs 84,999, Rs 1.19 lakh to Rs 1.05 lakh, and Rs 1.48 lakh to Rs 1.30 lakh respectively
Ather will need few more years of external capital, govt subsidies to grow: CEO Tarun Mehta
Tarun Mehta, CEO of Ather Energy, told ET that the company would continue to look for external capital, but that the funds would be used to launch new products and grow the business instead of “handling business cash losses”.
India must keep e-scooter subsidies to boost adoption, Ather CEO says
India's e-scooter market is small but growing, accounting for 5% of total two-wheeler sales in fiscal 2023-2024. Ather was one of the first to drive the pick-up in adoption with the launch of its 450 series of e-scooters in 2018, but has fallen behind larger rivals Ola Electric and TVS Motor, whose discounts have driven sales.
Electric two-wheeler sales surge by 33.3% in 2023-24, Ola tops chart
Electric two-wheeler sales soared in 2023-24, led by Ola Electric. Major players like TVS Motor and Bajaj Auto made significant strides. Despite challenges for some OEMs, the new EMPS aims to promote EVs with lower subsidies.
Ola Electric, TVS, Bajaj expand e-scooter market share amid overall rise in sales
Ola Electric, TVS Motors, and Bajaj expanded their market share in FY24. Ola led with 35% in non-transport electric two-wheelers. The overall sales grew 30% to 9,41,583 registrations.
Apple tops in blue-collar jobs; election merchandise now on ecommerce
Apple and its supplier network have become India’s leading blue-collar job creator since the start of the production-linked incentive scheme. This and more in today’s ETtech Top 5.
Ola Electric sees record registrations in March; ends FY24 with 115% growth on year
IPO-bound Ola Electric retains its market leader tag with 328,785 units registered in FY24, the Vahan portal shows. The number has more than doubled from FY23 at 152,741. In the March quarter, the company saw 119,310 registrations, as against 84,133 units in the previous quarter.
Ola Electric tops list of EV patents in India, TVS at 2nd place
Ola Electric, leading patent publisher, plans Rs 5,500 crore IPO, focusing on EV industry and innovation. R&D centers in India, the UK, and the US. Emphasizes EV technology and international patents, with Rs 1,600 crore allocated for R&D.
FASTag, NPS, credit card, debit card, insurance rule changes: Major money changes from April 1
Money rule changes in April: Let's see major financial changes and new norms that will come into effect from April 1, 2024. Changes include insurance rules, FASTag, NPS, credit cards, debit cards and more
Man assaulted by Ola driver in front of son after refusing extra payment, calls for action
A man's social media post about being assaulted by an Ola cab driver in Delhi has garnered attention, highlighting concerns about passenger safety. The incident, which occurred in front of the man's son, has sparked outrage and calls for action against the driver and the ride-hailing company. The man criticized Ola's response to the incident, stating that the complaint was closed without any action taken. This incident underscores the need for stricter measures to ensure passenger safety and accountability from ride-hailing companies.
Digital lenders’ play for MSMEs; Ola Electric to launch e-autos
MSME-focused digital lenders are increasingly gaining traction as banks slow down on unsecured consumer loans. This and more in today’s ETtech Morning Dispatch.
Ola Electric launches S1 X variant, extends warranty for all products
Ola's S1 X scooter will be available in three different power ranges - the 2 kWh priced at Rs 79,999, the 3 kWh priced at Rs 89,999, and the 4kWh priced at Rs 1,09,999. Ola also announced an extended warranty for all its variants of scooters to 80,000 kilometres (kms) or 8 years.
Ola scooters to have double lifespan compared to petrol scooters, says Bhavish Aggarwal; announces 8-year warranty
Ola Electric's Bhavish Aggarwal revealed big updates for electric vehicle buyers, announcing an eight-year or 80,000 km warranty for Ola scooters. Addressing concerns about electric vehicle longevity, Aggarwal assured that Ola scooters would outlast internal combustion engine (ICE) vehicles. Additionally, the company plans to establish more service centers nationwide. Ola also launched Ola S1 scooter.
Ola announces S1X 4kWh model, to establish 10,000 charging points by next quarter
During a live event, Aggarwal also announced improved warranty on Ola scooters - now all Ola scooters will come with 8 years and 89,000 kms warranty. He said that with this Ola scooters will have 2X lifespan than petrol scooters.
Ola's Bhavish Aggarwal has some big announcements for Friday. Here's what the EV co may announce
As per some reports Ola may finally announce the launch of its electric bikes. Ola had showcased its four electric motorcycles -- Diamondhead, Adventure, Roadster and Cruiser - last year during an event. Aggarwal had then said that the bikes will be launched towards the end of 2024. These bikes will be built in India for the world, he had added.
IPO-bound Ola Electric hires former Byju’s senior executive Jitesh Shah to lead after-sales
As part of his new responsibilities at the public markets-bound firm, Shah is spearheading an expansion of Ola’s service centres and fast-charging network, as well as an extension of warranty on all new scooter sales announced by the firm in February, they added.
Vanguard slashes Ola valuation by 29% to below $2 billion
US investment major Vanguard has marked down the fair value of Ola's parent ANI Technologies to $1.88 billion. This is 29% lower than its previous fair value of $2.65 billion. Funds managed by Fidelity reduced the valuation of Meesho and Pine Labs. Invesco increased Swiggy's valuation by 9% to $8.5 billion.
Disney+ Hotstar's Sidharth Shakdher joins Ola
In this role, Sidharth Shakdher will oversee Ola's revenue, growth, and marketing efforts in India and international markets for established mobility businesses and new businesses like e-commerce, one of the sources added. The source also stated that growth, marketing, and new initiative functions across Ola globally will report to him. Both Ola and Disney+ Hotstar declined to comment till press time.
Uber, Ola will have to fall in line as Karnataka govt fixes uniform fare for taxis
The Karnataka Transport Department has announced a new fare structure for city taxis and app-based aggregators like Uber and Ola. The revised fares, applicable across the state, will now be uniform for both categories. Cabs have been classified into three classes based on the vehicle cost, with different minimum fares and per km costs. Additionally, waiting charges will be applicable after the first five minutes, and toll charges can be collected by app-based aggregators.
B2B, manufacturing tech drove IPO market in past five years: report
According to the latest ‘Digitizing Make in India’ report by Boston Consulting Group and venture capital firm Matrix Partners, within the B2B space, there had been 11 initial public offerings in the past five years in the specialty chemical industry, featuring companies such as Chemplast and Senmar.
Drivers land better incentives in a crowded ride-hailing space
Rapido has introduced a subscription fee model for its driver partners on cabs and autos, doing away with the old structure of commissions on rides, while inDrive is offering commission rates of 10-12% to its drivers in India, less than half of leading players Uber and Ola’s 25-30% commission.
Ola e-bike service fares to start from just Rs 25: Here's all you need to know
Ola Mobility plans to deploy 10,000 electric two-wheelers in three cities in the next two months. The company will gradually expand its service across India by the end of the year. Ola announced the launch of e-bike service in Delhi and Hyderabad, following a pilot project in Bangalore. With this deployment, Ola claims to have the largest EV 2W fleet in the country. The company aims to offer affordable and sustainable commuting solutions and has already set up 200 charging stations in Bangalore.
Ola Electric considers bid for lithium mining rights - sources
Amid growing energy needs, India is trying to encourage electric vehicle production to cut greenhouse gas emissions and reduce reliance on fossil fuel imports.
