Page 6 - Ola

Uber, Ola will have to fall in line as Karnataka govt fixes fare for taxis

City taxis and those operating through app-based aggregators like Uber and Ola will now have to follow the new fare structure announced by the Karnataka Transport Department. With this new order released by the department on Saturday, fares for app-based cab aggregators as well as city taxis would be uniform and the revised fares would be applicable across the state with immediate effect. Prior to this, the fares were different for the two categories of taxis. According to the new fare structure, cabs have been categorised into three classes based on the cost of the vehicle. For vehicles whose purchase cost is Rs 10 lakh or below, the minimum fare has been fixed at Rs 100 for up to four km with a charge of Rs 24 for every additional km. For those costing between Rs 10 lakh and Rs 15 lakh, the minimum fare is Rs 115, and per km cost Rs 28. For those costing above 15 lakh, minimum fare is set at Rs 130 with Rs 32 charged for each additional kilometre. The order clearly states that no

Bhavish Aggarwal's AI startup Krutrim turns unicorn after raising $50 mn

The AI startup is the third venture helmed by Aggarwal to achieve a $1 billion valuation, after mobility firm Ola and electric vehicle manufacturer Ola Electric

Ola founder Bhavish's Krutrim becomes first $1 billion Indian AI startup

It becomes the first Indian AI startup to gain a billion-dollar valuation, a mere month after debuting a large language model, the firm said in a blog post

Ola FY23 results: Net loss narrows to Rs 772 cr, revenue from ops rises 48%

ANI Technologies, which operates under the Ola brand, on Thursday said its consolidated net loss narrowed to Rs 772.25 crore in the fiscal 2023, according to a regulatory filing. The company posted a consolidated loss of Rs 1,522.33 crore in the financial year (FY) 2022. The consolidated revenue from operations increased by about 48 per cent to Rs 2,481.35 crore in FY23 from Rs 1,679.54 crore in FY22. On a standalone basis, ANI Technologies, which comprises a ride-hailing business, reported a narrowing of loss to Rs 1,082.56 crore in FY23 compared to a loss of Rs 3,082.42 crore in FY22. The revenue from operations of ANI Technologies on a standalone basis increased by about 58 per cent to Rs 2,134.94 crore in FY23 from Rs 1,350.03 crore in FY22. Ola Mobility business in India posted an operational profit of Rs 250 crore in FY23 from EBIDTA ( earnings before interest, taxes, depreciation, and amortisation) loss of Rs 66 crore. At the group level, Ola reported a narrowing of operat

Ola Electric gets domestic value addition certificate under auto PLI scheme

Ola Electric on Wednesday said it has received domestic value addition certificate under the production linked incentive scheme for the automobile and auto component industry. The company successfully met the domestic value addition (DVA) criteria of 50 per cent among others as mandated by the Union Ministry of Heavy Industries, under the Production Linked Incentive (PLI) scheme for automobile and auto component industry, Ola Electric said in a statement. The certification has been granted by the Automotive Research Association of India (ARAI) after testing of the product and checks on the localisation standards of the components, it added. The company claimed it has become the first Indian two-wheelers company to receive the DVA certificate under the PLI scheme. "The PLI certification is a testament to our vertically integrated manufacturing capabilities and a significant milestone in our quest to accelerate India's journey towards clean mobility," a spokesperson of Ola Electric .

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

2024 expected to be year of IPO boom led by new-age firms, say experts

Experts said a combination of various factors including rise of tech firms, investor confidence, a resilient economy and a supportive regulatory environment are propelling growth of India's IPO market

'India's own AI': Ola's Bhavish Aggarwal joins the race with Krutrim

Krutrim has joined the increasingly-competitive AI race dominated by players such as Google, Microsoft and OpenAI

Ola, Uber drivers go on strike demanding better remuneration, bike taxi ban

A large section of cab drivers of Ola and Uber went on a strike on Monday demanding fare regulation, a ban on bike taxi services that they say are eating up their revenue, and stringent action on certain toll booths functioning beyond their contract period. The drivers staged an agitation here urging the state government to immediately intervene and regulate the app-based cab aggregators and to also resolve the issue of high commission charged by the aggregators from them. The All India Road Transport Workers Federation and the Tamil Nadu Urimai Kural Driver Trade Union, which announced the strike has demanded a ban on bike taxi services. The drivers have called for a massive protest in the city on October 18 to highlight their demands. "With the interior areas of Perungudi still lacking connectivity, I usually book a cab to reach my office. Due to the strike I had to depend on an auto, after an agonising wait" says Mahesh, a commuter. P Sridhar of Madipakkam, whose father was ...

Ola launches all-electric on-demand parcel delivery service in Bengaluru

The Ola Parcel service will be available across Bengaluru at prices which will be as low as Rs 25 for 5 km, Rs 50 for 10 km, Rs 75 for 15 km, and Rs 100 for 20 km

Ola Electric eyes IPO filing by end-October in expedited listing plan

Backed by investors including Singapore's Temasek and Japan's SoftBank, Ola Electric was valued at $5.4 billion in a recent fund raising

Ola's Bhavish has thrown his might behind e-motorcycles: How serious is he?

Not surprisingly, Aggarwal's rivals are less than charitable towards him and, though they won't come on record while saying this, dismiss Aggarwal's e-motorcycles as "another of his teaser campaigns"

Reliance General Insurance, OLA Electric to enhance 2W customer experience

Under this alliance, both companies will aim to transform the total ownership of OLA customers

Panel proposes rebate for passengers on cancelled rides on Uber, Ola

A government-appointed committee in Maharashtra suggested a time limit for cab arrival and potential penalties for unfit vehicles on platforms like Uber and Ola

Top headlines: Gangwal to sell IndiGo shares, India Inc's Q1 result review

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TN plans global investors' meet in Jan; attracts Rs 2.73 trillion in 2 yrs

Over 300 MoUs translating into investments worth Rs 3 trillion were signed at the last GIM in 2019

IPO-bound Ola Electric recorded $136 million loss in FY23: Report

The e-scooter maker last year in June issued a statement saying it was "on track to surpass $1 billion run rate by end of this year" and "the future forecast looks even stronger."

Ola denies receiving flood warning over viral video of 350 drowned cabs

The ride-sharing company issued a statement on the viral video that shows 350 submerged cabs. The company claims that it hadn't received any notice from the government authorities

E-scooter maker Ola Electric targeting $1.5 billion sales this year

In June, industry-wide Indian sales of e-scooters more than halved from May to a six-month low of 45,800 units, government data showed

Top headlines: Ola advances plan for IPO, Govt's FDI push in space sector

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