OLA CUT COSTS
"Low cost, high performance": Bhavish Aggarwal calls his EV battery 'Bharat Cell' a gamechanger for India
Ola-founder Bhavish Aggarwal announced that the company has developed a cutting-edge lithium cell battery called the "Bharat cell." This battery is currently in an advanced stage of trials and has the potential to revolutionize the Indian electric mobility ecosystem. "This is the 5G of lithium cells, if I can say, it in a very simple way. This is the cutting-edge technology that we have made in India. Globally, only a few companies have this technology capability," Bhavish Aggarwal said during a podcast session.
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,
Want a slice of AI pie? Here's what it will cost stock market investors
Retail investors are now viewing AI as a promising investment frontier, with significant potential for gains by investing in leading companies in this field. Nvidia, a maker of AI chips, has seen its stock surge threefold in the past year, making it one of the most valuable companies in the world with a market capitalisation over $3 trillion.
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.
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 Electric gets Sebi nod for public offer
Ola Electric, set for a $6 billion IPO, plans layoffs amid IPO filings by Swiggy and FirstCry.
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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.
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.
HSBC cuts Elastic Run valuation; Hero MotoCorp doubles down on Ather
HSBC has cut its valuation estimate for B2B ecommerce firm Elastic Run by nearly half, bringing it under $1 billion. More on this in today’s ETtech Top 5.
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.
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 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.
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.
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.
A quarter of hits & a few misses; and other top tech, startup stories
Welcome to another edition of ETtech Unwrapped – our weekend newsletter. This is Pranav Mukul in New Delhi. This week we’ve wrapped up another compelling quarterly earnings season for listed new-age companies from Zomato and Delhivery to Paytm and PB Fintech.
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.
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 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.
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.
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.
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 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.
Mercedes-Benz says plug-in hybrids to 'stay relevant' amid EV demand slowdown
Mercedes-Benz said it now expects up to 50% of sales by the end of the decade to come from electrified cars. The carmaker has long said it was preparing for all-electric sales by 2030, but Chief Executive Ola Kaellenius cautioned towards the end of last year that even Europe would likely not be ready by then.
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.
Cos take price-cut route to get more electric two-wheelers on road
Ola Electric, Ather Energy, and Bajaj Auto-owned Chetak Technology have slashed prices of their electric scooter models, narrowing the price gap. Despite challenges, increasing affordability, evolving pricing strategies, and government initiatives are expected to boost the adoption of electric two-wheelers in India.
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
Swiggy to lay off 6% of workforce impacting 400 jobs ahead of IPO
Swiggy is set to cut its workforce by 6% affecting 350-400 roles across teams like technology, call centre, and corporate roles, with senior leaders having been briefed to conduct these layoffs gradually over the coming weeks, the sources added.
Swiggy CTO Dale Vaz resigns; Eruditus’ FY22 revenue jumps 87%
Vaz, who had joined Swiggy as its head of engineering and data science, was promoted to the CTO post in 2020 after Rahul Jaimini, who cofounded Swiggy with chief executive Sriharsha Majety and Nandan Reddy in 2014, exited the company.
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