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Ola Electric`s net loss surges 43 pc in Q2, revenue slumps 26 pc Bhavish Aggarwal-run Ola Electric on Friday reported a huge 43 per cent surge in net loss at Rs 495 crore in the July-September period (Q2 FY25), from Rs 347 crore in the previous quarter (Q1 FY25), as the EV firm remained mired in issues related to service quality across the country.   The electric two-wheeler company also saw its revenue slump 26.1 per cent to Rs 1,214 crore (on-quarter) from Rs 1,644 crore in the first quarter of this fiscal. The net loss, however, narrowed on a...
Ola Electric`s net loss surges 43 pc in Q2, revenue slumps 26 pc
Ola Electric`s net loss surges 43 pc in Q2, revenue slumps 26 pc
Source: IANS
2024-11-09 10:07:16 am
Ola Electric shares continue to slide, lose over 30 pc from all-time high Ola Electric shares continued to slide on Wednesday --- its sixth consecutive session of decline – as its stock lost more than 30 per cent from its recent all-time peak of Rs 157.40 apiece.  The Bhavish Aggarwal-run company’s stock dropped 3 per cent to Rs 110 per share. It was, however, still up 45 per cent from its initial public offering (IPO) price of Rs 76 apiece. Market experts said that the company’s stock is not looking good and can even slip further from ...
Ola Electric shares continue to slide, lose over 30 pc from all-time high
Ola Electric shares continue to slide, lose over 30 pc from all-time high
Source: IANS
2024-09-04 04:33:26 pm
Ola Electric`s market share drops to 31 pc in August, share extends losses Bhavish Aggarwal-run Ola Electric clocked its lowest monthly sales this year, dropping 34 per cent sequentially to 27,506 units in August, as its market share nosedived further to 31 per cent.  As per vehicle registration data available on the central government's Vahan portal, Ola Electric had a market share of 31 per cent in India's electric two-wheeler (2W) market in August as its closest rivals TVS and Bajaj Auto logged 20 per cent and 19 per cent market share, respectivel...
Ola Electric`s market share drops to 31 pc in August, share extends losses
Ola Electric`s market share drops to 31 pc in August, share extends losses
Source: IANS
2024-09-02 01:50:15 pm
Ola Electric launches e-motorcycles, to integrate own cells in EVs by Q1 FY26  Ola Electric on Thursday launched electric motorcycles and announced the integration of its battery cells in its own vehicles, starting Q1 FY26.  The company launched Roadster, Roadster X and Roadster Pro electric motorcyles, with prices starting from Rs 74,999, Rs 1,04,999 and Rs 1,99,999, respectively. It also teased two upcoming motorcycles – Sportster and Arrowhead. “Today, two-third of India’s 2W market consists of motorcycles, and with Ola’s entr...
Ola Electric launches e-motorcycles, to integrate own cells in EVs by Q1 FY26
Ola Electric launches e-motorcycles, to integrate own cells in EVs by Q1 FY26
Source: IANS
2024-08-15 03:22:22 pm
EV firm Ola Electric to reveal more about its IPO on Monday EV company Ola Electric on Sunday made it official to bring an initial public offering (IPO), likely in early August, and the company will reveal more about it on Monday.  Ola Electric's chief executive officer (CEO) Bhavish Aggarwal and Harish Abichandani, chief financial officer (CFO), will brief about the forthcoming IPO, the company said in a statement. According to multiple reports, Ola Electric’s IPO will be launched on August 2, with a fresh issue of shares worth R...
EV firm Ola Electric to reveal more about its IPO on Monday
EV firm Ola Electric to reveal more about its IPO on Monday
Source: IANS
2024-07-28 03:35:17 pm
India's Ola Electric to launch IPO next week, valuation seen at around $4.4 billion SoftBank-backed Ola Electric's IPO will open for retail subscription on Aug. 2, the Indian electric scooter maker said on Saturday, a stock offering that according to two sources will value the company between $4.2 billion to $4.4 billion. The issue, which will open for institutional investors a day earlier on Thursday, will close for retail subscriptions on Aug. 6, the final IPO prospectus filing showed. Ola founder Bhavish Aggarwal will offload 37.9 million shares in the IPO, around ...
India's Ola Electric to launch IPO next week, valuation seen at around $4.4 billion
India's Ola Electric to launch IPO next week, valuation seen at around $4.4 billion
Source: Reuters
2024-07-27 06:18:58 pm
India can do to AI what China did to manufacturing: Bhavish Aggarwal Ola Founder and CEO Bhavish Aggarwal on Sunday said that with the kind of talent India has, it will become a global leader in artificial intelligence (AI) the way China became in manufacturing.  In a post on social media platform X, Aggarwal said it will not "automatically happen unless we make it happen". India has the largest number of developers in the world. "It also has largest number of silicon designers in the world, largest amount of data in the world and ...
India can do to AI what China did to manufacturing: Bhavish Aggarwal
India can do to AI what China did to manufacturing: Bhavish Aggarwal
Source: IANS
2024-07-15 09:18:52 am
Ola exits Google Maps, moves to in-house Ola Maps India's major ride-hailing company Ola has exited Google Maps and has shifted to its own Ola Maps for cab operations.   Bhavish Aggarwal, co-founder and Chairman of the Ola group said that through this move, the company will save nearly Rs 100 crore per year. Last month Aggarwal cut all his ties with Microsoft Azure and shifted his company's entire workload to in-house Artificial Intelligence (AI) firm Krutrim. In a social media post, he asked users to check Ola apps and...
Ola exits Google Maps, moves to in-house Ola Maps
Ola exits Google Maps, moves to in-house Ola Maps
Source: IANS
2024-07-06 04:33:37 pm
Ola Electric posts 107 pc growth in June EV 2-wheeler registrations Bhavish Aggarwal-led Ola Electric on Monday announced that it has posted a growth of 107 per cent (Year-on-Year) in June 2024 Electric Vehicle (EV) two-wheeler registrations as compared to the corresponding month in 2023.   According to the government's VAHAN Portal, the company recorded 36,716 registrations during the month. It also recorded a 57 per cent growth in the first quarter (Q1) of FY25 over Q1 FY24 and witnessed over 1.08 lakh registrations in the quarter ended June ...
Ola Electric posts 107 pc growth in June EV 2-wheeler registrations
Ola Electric posts 107 pc growth in June EV 2-wheeler registrations
Source: IANS
2024-07-02 09:29:44 am
Ola CEO`s brother Ankush Aggarwal returns to company's ride-hailing business Ola founder Bhavish Aggarwal's brother Ankush Aggarwal has returned to the ride-hailing business after working with Ola Electric. The company has appointed him as the chief executive officer (CEO) of Ola Financial Services, according to media reports. His appointment comes after Hemant Bakshi resigned as CEO from the ride-hailing business last month. He was in charge of the mobility business, as well as key areas like financial services, logistics, and e-commerce. As per reports,...
Ola CEO`s brother Ankush Aggarwal returns to company's ride-hailing business
Ola CEO`s brother Ankush Aggarwal returns to company's ride-hailing business
Source: IANS
2024-05-14 04:25:19 pm
Ola Krutrim opens AI Cloud infrastructure for developers, launches mobile app Homegrown artificial intelligence (AI) company Ola Krutrim on Saturday announced to open up its cloud platform to enterprises, researchers and developers to build their own products, along with launching a mobile app. The cloud platform will provide access to AI computing infrastructure, Krutrim’s foundational Models and open-source models to developers. The Krutrim AI assistant app, built on the company’s own large-language model (LLM), will simplify leveraging the power of...
Ola Krutrim opens AI Cloud infrastructure for developers, launches mobile app
Ola Krutrim opens AI Cloud infrastructure for developers, launches mobile app
Source: IANS
2024-05-04 05:26:49 pm
Ola Electric captures over 52 pc market share in EV 2-wheeler segment in April Bhavish Aggarwal-led Ola Electric on Wednesday announced that it has captured over 52 per cent market share in the electric vehicle (EV) two-wheeler segment in April. According to the government’s VAHAN Portal, the company recorded 34,000 registrations during the month and registered a year-on-year growth of 54 per cent over the corresponding month last year. "Our robust cost structures and vertically integrated manufacturing capabilities have collectively contributed to this...
Ola Electric captures over 52 pc market share in EV 2-wheeler segment in April
Ola Electric captures over 52 pc market share in EV 2-wheeler segment in April
Source: IANS
2024-05-01 03:57:28 pm
Ola becomes 1st to launch ride-hailing operations at Ayodhya Airport  Ride-hailing company Ola on Monday launched cab operations at Maharishi Valmiki International Airport in Ayodhya. Ola founder Bhavish Aggarwal on LinkedIn shared the development, saying the company has installed a dedicated pickup zone with a team of representatives available 24x7 to assist all travellers for a hassle-free experience. "Today, Ayodhya, the Ram Nagri, is one of the fastest growing cultural and tourist hubs in India, welcoming millions of tourists annually,"...
Ola becomes 1st to launch ride-hailing operations at Ayodhya Airport
Ola becomes 1st to launch ride-hailing operations at Ayodhya Airport
Source: IANS
2024-04-23 09:50:35 am
Exclusive-India's Ola Cabs plans $500 million IPO, to appoint banks soon, sources say Indian ride-hailing firm Ola Cabs is planning an initial public offering (IPO) to raise $500 million at a company valuation of about $5 billion, three sources with direct knowledge of the matter told Reuters on Friday. 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 declined to comment. The company is in tal...
Exclusive-India's Ola Cabs plans $500 million IPO, to appoint banks soon, sources say
Exclusive-India's Ola Cabs plans $500 million IPO, to appoint banks soon, sources say
Source: Reuters
2024-04-20 08:57:56 am
India`s Ola to stop ride-hailing operations in international markets Ola said on Tuesday it was exiting its ride-hailing businesses in the UK, Australia and New Zealand as the startup focuses on its home market India, where it is locked in a battle for market share with Uber. Ola Cabs, founded in 2010 by Bhavish Aggarwal, was operating in the international markets since 2018. Earlier this year, U.S. asset manager Vanguard cut Ola's valuation by 30% to under $2 billion. Parent ANI Technologies was valued at $7.3 billion in its most recent fundraise in...
India`s Ola to stop ride-hailing operations in international markets
India`s Ola to stop ride-hailing operations in international markets
Source: Reuters
2024-04-09 04:08:00 pm
IPO-bound Ola Electric gets certification for 2nd e-scooter under government`s PLI scheme Bhavish Aggarwal-led Ola Electric has received certification for its S1 Pro (Gen-2) electric scooter under the government’s production-linked incentive (PLI) scheme for the automobile and auto component industry. Sources told IANS on Saturday that the IPO-bound company had applied for the PLI certification for S1 Pro in October and received the certification this week. The company’s Ola S1 Pro and Ola S1 Air are now eligible for subsidies under the government’s auto PL...
IPO-bound Ola Electric gets certification for 2nd e-scooter under government`s PLI scheme
IPO-bound Ola Electric gets certification for 2nd e-scooter under government`s PLI scheme
Source: IANS
2024-02-10 04:17:13 pm
US investment firm Vanguard cuts Ola`s valuation to $1.88 billion  US-based investment firm Vanguard has reportedly slashed down ride-hailing major Ola's valuation to less than $2 billion. Vanguard marked down Ola’s parent company ANI Technologies valuation to $1.88 billion (as of November 30, 2023), as per its regulatory filings with the US Securities and Exchange Commission (SEC). This valuation is 29 per cent lower than its previous fair value of $2.65 billion (August last year), reports Entrackr. This is the third consecutive mar...
US investment firm Vanguard cuts Ola`s valuation to $1.88 billion
US investment firm Vanguard cuts Ola`s valuation to $1.88 billion
Source: IANS
2024-02-05 05:07:43 pm
Ola Electric CEO`s new AI venture valued at $1 billion Artificial intelligence startup Krutrim, founded by CEO of Ola Electric Bhavish Aggarwal, has raised $50 million in the first funding round at a valuation of $1 billion, the company said in a blog post on Friday. It added that venture capital fund Matrix Partners India led the funding round, without giving further details. The startup unveiled a large language model last month and is set to launch a beta version in February, amid growing global excitement around generative AI technoloOg...
Ola Electric CEO`s new AI venture valued at $1 billion
Ola Electric CEO`s new AI venture valued at $1 billion
Source: Reuters
2024-01-26 05:44:12 pm
Krutrim becomes India`s 1st AI unicorn with latest funding  Homegrown AI company Krutrim on Friday became the country's fastest unicorn and also the first AI unicorn in the country, after it closed its first round of funding. The funding round, led by investors such as Matrix Partners India and others, garnered an investment of $50 million in equity at a valuation of $1 billion. The funds raised will be instrumental in accelerating the company's mission to revolutionise the AI landscape, drive innovation, and expand its reach globa...
Krutrim becomes India`s 1st AI unicorn with latest funding
Krutrim becomes India`s 1st AI unicorn with latest funding
Source: IANS
2024-01-26 05:34:25 pm
Ola announces ex-Unilever executive Hemant Bakshi as new CEO  ANI Technologies, the parent company of Ola, has announced Hemant Bakshi, a former executive at Unilever, as the new Chief Executive Officer (CEO) of Ola, according to media reports. Bhavish Aggarwal will step down as part of the company's effort to streamline operations. Prior to joining Ola, Bakshi was the executive Vice President (VP) of the marketplace and chairperson Unilever Indonesia.He joined Ola and moved back to India about four months ago, media reports said. Mea...
Ola announces ex-Unilever executive Hemant Bakshi as new CEO
Ola announces ex-Unilever executive Hemant Bakshi as new CEO
Source: IANS
2024-01-26 11:09:54 am
Olas mobility business in India logs Rs 250cr profit in FY23  Ride-hailing company Ola's mobility business in India reported a profit of Rs 250 crore in FY23 against a loss of Rs 66 crore in FY22. Bhavish Aggarwal-run company's revenue grew 58 per cent to Rs 2,135 crore in FY23 from Rs 1,350 crore in FY22. "In FY23, we challenged ourselves – to not just grow and scale, but to do this profitably. While our revenue continued to grow at a strong clip of 58 per cent, we became EBITDA positive in the India mobility business. One o...
Olas mobility business in India logs Rs 250cr profit in FY23
Olas mobility business in India logs Rs 250cr profit in FY23
Source: IANS
2024-01-26 11:02:16 am
Ola Electric sold over 8K e-scooters to its parent firm till December 2023 Bhavish Aggarwal-led Ola Electric reportedly sold more than 8,200 scooters to its parent company ANI Technologies till December 2023, which plans to launch and expand its electric bike taxi service in several Indian cities, a media report has said. However, the company did not disclose the related party transactions in its DRHP for an IPO worth over Rs 7,000 crore, which was filed in December last year, reports Mint. The draft papers carried Ola Electric’s financial statements til...
Ola Electric sold over 8K e-scooters to its parent firm till December 2023
Ola Electric sold over 8K e-scooters to its parent firm till December 2023
Source: IANS
2024-01-11 05:10:19 pm
Ola Electric raises Rs 3,200 cr to boost EV biz, build cell manufacturing factory Ola Electric on Thursday announced it has closed Rs 3,200 crore in funding as part of its equity and debt round from Temasek-led investors and project debt from the State Bank of India, respectively.The funds raised would be used towards expansion of Ola?s EV business and setting up India's first lithium-ion cell manufacturing facility in Krishnagiri, Tamil Nadu, the company said in a statement.Ola Electric aims to launch electric motorcycles followed by electric cars and fast-tracking the co...
Ola Electric raises Rs 3,200 cr to boost EV biz, build cell manufacturing factory
Ola Electric raises Rs 3,200 cr to boost EV biz, build cell manufacturing factory
Source: IANS
2023-10-26 03:42:22 pm