'Empty vessels make more sound': Ola Founder rejects claims by MapmyIndia, says 'we have also sent legal notice'
Ola Electric was listed on the stock exchanges on August 9, raising Rs 5,500 crore from its initial public offering. MapmyIndia sent a notice to Ola Electric on July 23, three days before Ola Electric filed its red-herring prospectus. Key Points
Business TodayVanguard 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. Key Points
Economic TimesOla to offer electric two-wheelers starting from just Rs 25: Here's all you need to know about Ola's e-bik
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. Key Points
Economic TimesOla Electric expected to file IPO papers today, first Indian EV company to do so
Softbank-backed Ola Electric will file for IPO in next few hours with company's top management and bankers busy finalising details, ET Now reported, quoting sources. Kotak is the lead banker to Ola Electric while Goldman Sachs and Citi have also been appointed to handle the issue. Key Points
Economic TimesOla IPO to be first by an Indian EV maker, also a first by an automaker in 20 years
Ola Electric IPO is expected to be valued at around Rs 8,500 crore (approximately $1 billion), making it one of the top 15 offerings in India in terms of size. What makes this IPO even more significant is that Ola Electric will be the first pure play EV manufacturer to list on the Indian stock exchanges. It will be also the first IPO by an auto maker in India in over 20 years. Key Points
Economic Times
Ola joins government-backed ONDC for food delivery services: Report
Ola has joined ONDC for food delivery services; testing feature within its app for a small number of users. Ola may appoint a CEO for its cab business, possibly an ex-Unilever executive. Ola Cabs saw its losses widen to INR 3,082 crore in 2021-22. Key Points
mintOla is likely bringing a CEO for cabs business
It is unclear whether the new CEO will oversee just the core cab hailing business or also ANI Technologies, the parent company. This move is unprecedented as Aggarwal has been the CEO of Ola since its inception, but he has recently shifted his focus to Ola Electric. Key Points
Economic TimesTwo top executives are leaving Ola Electric
Head of planning and strategy Slokarth Dash and head of partnership and corporate affairs Saurabh Sharda are leaving Ola Electric. Both have been working with the founder for seven to eight years. There have been rumors of more major exits, but the company denies them. Ola Electric has seen high-level churn and exits are not aligning with the company's purpose and passion. Dash joined in 2015 and quickly rose to become head of fleet management, while Sharda was a founding member of Ola's electric initiative. Key Points
Economic TimesVanguard slashes ride-hailing giant Ola’s valuation by 52%: Report
Vanguard disclosed a 51.6% reduction in the value of its shares in ANI Technologies, Ola's holding firm, as of the end of May 2023. Key Points
Business TodayOla S1 Air purchase window opens July 28: A look at e-scooter’s top features
Ola Electric is set to begin deliveries of its Ola S1 Air electric scooter in India, with purchase windows opening on July 28. The scooter is priced at ₹1,09,999. Key Points
mint
Ola Electric to open purchase window for S1 Air starting July 28; Price details here
Ola Electric on Saturday announced the purchase window for its S1 Air scooter will open on July 28, 2023. The scooter will be available at an introductory price of Rs 1,09,999 for Ola community and reservers who book the S1 Air before July 28, the comapny stated in a press release. Key Points
Economic TimesOla S1 Air.tested for over 5,00,000 km, Ola Electric claims
Ola S1 Air has undergone rigorous testing covering over 500,000km and is positioned as a rival to the TVS iQube electric scooter. Ola has launched the mid-tier variant of its Ola S1 Air electric scooter priced at ₹99,999, with deliveries starting this month. Key Points
mintIndia's Ola Electric targeting $1.5 bln sales this year, pre-subsidy cut document shows
Indian e-scooter maker Ola Electric expects revenue to quadruple to $1.5 billion this financial year and then double that again in two years, according to a document containing corporate projections and people briefed on the matter. Key Points
ReutersOla advances plan for IPO as electric scooters take off in India
Ola Electric Mobility Pvt. is considering an IPO sooner than anticipated, as shares of the Indian startup have skyrocketed since launching electric scooters in December. Founder Bhavish Aggarwal had planned to wait four to six years before taking the company public, but the response to its electric scooters, which now claim an impressive 38% market share in India, has been overwhelming. Key Points
Economic TimesBhavish Aggarwal teases new Ola electric scooter, coming in July
Ola Electric is set to launch another electric scooter in July as part of its #endICEAge show. The CEO tweeted that this addition would end the ICE age in scooters . Ola currently offers two scooters, the S1 Pro and S1. Recent price hikes make the premium S1 Pro cost INR1.4 lakh ($1,877) and the S1 cost INR1.3 lakh. The upcoming scooter is thought to be a touring version of the existing models. Ola's plan is to have four or five models available by the end of the fiscal year. Key Points
Economic Times
Ola Electric to kick off investor meet on IPO plans: Report
Indian electric scooter maker Ola Electric is kicking off meetings with potential investors in Singapore and the US to gauge interest in its planned $1bn initial public offering. The fundraising drive, expected in late 2023, will target $600m to $1bn. CEO Bhavish Aggarwal will hold talks including with BlackRock, Singapore's GIC, and T Rowe Price. Though Ola is yet to file regulatory papers for approval, it is thought to be planning to do so by August. It wants to explain the growth and potential of India's nascent electric vehicle market to investors. Key Points
Economic TimesTired of cab drivers cancelling your ride? Ola launches Prime Plus and promises no cancellations
Ola has launched a new service called Prime Plus that promises no cancellations of rides from the drivers' end. Read on to know all about the feature. Key Points
India Today‘Joke’s on you’, says Ola Electric to ChatGPT for its ‘out of the box’ April Fool’s Day idea
Replying to Ola Electric’s question on ideas for April Fools Day, ChatGPT suggested introducing a musical electric scooter with built-in speakers and lights. But the company has already introduced a party mode with MoveOS 3. Key Points
mintOla Plans To Build World's Largest Electric Vehicle Hub In Tamil Nadu
India's Ola Electric Mobility Pvt. plans to build what it says will be the world's largest electric vehicle hub with an investment of 76.1 billion rupees ($920 million) to localize the supply chain for cleaner transport. Key Points
NDTV.comOla revenue doubles in FY22, but losses widen 36% to Rs 1,522 crore
ANI Technologies, the parent firm of ride-hailing startup Ola, reported consolidated revenue more than doubling to Rs 1,970.4 crore from the Rs Rs 983.2 crore it reported in the year ended March 2022. Key Points
Economic Times/cloudfront-us-east-2.images.arcpublishing.com/reuters/CZJJQDUQ5RJ35BPUUKTRNPJUXM.jpg)
Focus: Tesla on two wheels? India's Ola Electric feels the strains of success
Bhavish Aggarwal, India's answer to Elon Musk, is racing to roll out millions of electric scooters and speed his nation to a cleaner future. Some of his mechanics can't keep up, though. Key Points
ReutersOla S1 X hits Indian roads with three battery options, starting at ₹69,999
Ola Electric launches the budget-friendly S1 X electric scooter in India, offering three battery options and various performance features. Priced from ₹69,999, the scooter aims to boost EV adoption with its affordability and practicality. Key Points
mintLocation wars: How a newly liberalised sector in India is hotting up
The liberalised geospatial policy in India has spurred intense competition in the mapping industry, with local firms like Ola and MapMyIndia taking on Google Maps. These changes have unlocked significant market potential, encouraging innovation and price cuts. The policy shift enables Indian companies to operate more freely, promising growth and new opportunities for various sectors. Key Points
Economic TimesOla Electric has thrown the gauntlet at legacy players to bring competitive EVs to the market: Bhavish Agg
“If you buy an Ola EV, every month you save Rs 2,500-3,000 and so in a year, you save about Rs 30,000. So, buying an Ola EV or frankly any EV, allows you to do better for the planet and better for yourself and for your wallet, says Ola Electric founder. Key Points
Economic TimesConsumer Protection Authority orders Ola to provide choice to consumers for preferred method of refund
Ola only provided a coupon code which could be used for the next ride without providing a clear choice to the consumer to opt between a bank account refund or a coupon. The Central Consumer Protection Authority observed that to be a violation of consumer rights. Key Points
Business Today
Ola Electric shares slip below Rs 100. Buy the dip or avoid?
The stock was down 2.59% at Rs 99.55 on the Bombay Stock Exchange (BSE), marking a sharp decline from its record high of Rs 157.53 on August 20, 2024. Key Points
India TodayOla Electric to give India its first Gigafactory next year: CEO Bhavish Aggarwal
Ola Electric's founder & CEO, Bhavish Aggarwal, has said that India's first large-scale Gigafactory for rechargeable batteries used in electric vehicles will be operational by next year. The facility will aim to reduce the cost of electric vehicle production with the cells and batteries. Key Points
Economic TimesCEO Bhavish Aggarwal unveils ‘Ola Solo’, India's first autonomous electric scooter with AI features: Details
Ola introduces 'Ola Solo,' India's first autonomous electric scooter, integrating AI for safer rides. Multilingual voice interface, facial recognition for security, and adaptive learning highlight its features. Key Points
mintEcommerce growth slowing; Ola Electric’s debt funding
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. Key Points
Economic TimesRBI imposes monetary penalties on two payment system operators for KYC non-compliance
The penalties have been imposed on Manappuram Finance Limited and Ola Financial Services Pvt. Ltd. Key Points
ThePrint
Ola gears up to widen e-scooter portfolio for market share gains
Ola Electric, Indias leading e-scooter manufacturer, plans to introduce four to five new models by the end of the current fiscal year. As per the firm, Olas scooters are now the most affordable among the top five brands in India due to an increase in market prices. The firm's new product range aims to span multiple price points, with the launch of the S1 Air in July now expected to retail for INR109,999. Key Points
Economic TimesBluSmart Mobility, EV-only Uber rival raises $42 million in BP-led round
BluSmart Mobility, an Indian ride-hailing startup that uses only electric vehicles, has raised $42 million as it intensifies its battle against the two dominant operators, Uber Technologies Inc. and Ola Cabs. Key Points
mintOla, Uber and Rapido bike taxi services banned in Delhi: Full story in 5 points
The notice by the Delhi transport department clearly states that the ban on bike taxis will come into effect immediately. The government notice points out that if service providers like Ola, Uber, and Rapido riders continue to provide bike taxi service in Delhi, then a fine will be charged. Key Points
India TodayOla, Uber and Rapido bike taxi services banned in Delhi: 5 points
The notice by the Delhi transport department clearly states that the ban on bike taxis will come into effect immediately. The government notice points out that if service providers like Ola, Uber, and Rapido riders continue to provide bike taxi service in Delhi, then a fine will be charged. Key Points
India TodayOla user booked ride for Rs 730, got bill of Rs 5000 when trip ended: Here is what happened
In a recent incident in Bengaluru, a college student was charged Rs 5000 for an Ola ride that was originally quoted as Rs 730. The passenger's experience highlights the importance of vigilance and prompt responses from ride-hailing companies in handling fare discrepancies. Key Points
India Today
Ola Money wallet will stop working from April 1 if you don't do this: Check all details here
OLA Money wallet: Your wallet will be suspended after April 1. You can either convert your Ola Money wallet from Full KYC to Small PPI. Here's how to do it Key Points
Hindustan TimesMan 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. Key Points
Economic Times5 reasons why EV 2-wheelers excel over petrol-engine vehicles
Lower maintenance and running costs are the two major advantages of EVs. However, there are also many technical advantages of EVs over ICE scooters. Key Points
The Indian ExpressEV-only Uber rival BluSmart raises $42 million in BP Ventures-led round
Investors include BP Ventures, the investment arm of energy giant BP Plc that holds 20% equity. BluSmart is currently valued at $250 million. Key Points
FinancialexpressOla 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. Key Points
Economic Times
Juspay spins off mobility platform Namma Yatri into new entity
Moving Tech Innovations Ltd, a Juspay spin-off, focuses on cost-effective solutions in the ride-hailing industry. Led by Shan M S and Magizhan Selvan, the new entity seeks funding, aims for profitability, and competes with major players like Uber and Ola. Key Points
Economic TimesOla's Aggarwal says if auto cos only make noise like their ICE vehicles, they'll become dinosaurs
Describing it as the end of the era of fuel-driven cars, Bhavish Aggarwal, the founder of Ola Electric, emphasized that today's consumers are seeking more EVs. He urged established players to embrace the future or face the risk of obsolescence. In an interview with ET Now, Aggarwal noted that if traditional ICE vehicle manufacturers remain stagnant and fail to adapt, they will become like outdated dinosaurs. Key Points
Economic TimesRe-auction of PLI for batteries soon
The Indian government will re-auction the performance-linked incentives (PLI) for 20 GW advanced chemistry cell (ACC) battery manufacturing, following the allocation of the capacity to Hyundai Global Motors, which was found to be impersonating Hyundai Motor. Estimated incentives of ₹7,240 crore will be offered under the ₹18,100 crore PLI scheme disbursed over five years. Key Points
Economic Times