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Tag: Ola

Hyundai-Kia’s $300 Mn investment in Ola finally receives CCI nod

Loknath Das, , , , , , , ,

Hyundai and Kia Motors’ $300 million investment plan in ride-hailing juggernaut Ola has finally received a green signal from the Competition Commission of India (CCI). The antitrust watchdog has approved the acquisition of shares in Ola’s parent entity, ANI Technologies & Ola Electric by Hyundai Motor and its affiliate Kia Motors subjected to compliance of modifications. With the collaboration, most of the new investment will be infused into ANI Technologies. Furthermore, Hyundai and Kia will take a minority stake in Ola Electric. This investment round may also witness participation from Microsoft and…

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Ola Invests $100 Million In Scooter Sharing Firm Vogo To Supply 100,000 Scooters

Loknath Das, , , , , , , , , , , ,

  Bhavish Aggarwal, Co-founder & CEO with Anand Ayyadurai, Founder & CEO, Vogo App-based ride-hailing platform Ola has announced that the company will be investing $100 million (around ₹ 710 crore) in Vogo – India’s fast-growing scooter sharing network. The investment will go into the supply of 100,000 scooters by Vogo that will be used for short commutes. The collaboration will help Vogo gain a strategic supply advantage without having to incur signfiicant capital expenditure, while Ola’s 150 million customer base will be able to use Vogo’s services directly from…

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Ola, Matrix Partners Explicitly Deny Stake Sale to Uber

Srijita, , , , , , , ,

Bengaluru-based transportation aggregator Ola and its investors Matrix Partners India have categorically denied a report that appeared in DNA on Friday, which alleged that certain investors in Ola plan to sell their stake to Uber. The news report, based on information from an unnamed source alleged that Uber was acquiring stakes of all the investors, including the founders, except SoftBank, with a term sheet likely to be signed by this quarter. “We would like to state that the article, attributed to an ‘unnamed source’ is completely false, misleading, malicious and…

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Ola Auto Service Expanded to 12 More Indian Cities

Srijita, , , , , , , ,

Transportation mobile app Ola Wednesday launched auto rickshaws in 12 more cities, taking the service to a total of 24 cities across the country. Ola said it is targeting to serve at least two million daily rides by end of 2017 through its app by getting on-board hundreds of thousands of auto rickshaw drivers on its platform over the year in these cities. “Ola has over 1,00,000 auto rickshaws registered on its platform across 24 cities and plans to launch in more cities in the coming months,” the company said…

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Uber, Ola Face Off in Battle for India’s Booming Taxi Market

Srijita, , , , , , , , , ,

Aiming to wrest control of India’s booming taxi market, two cab-hailing smartphone apps – Uber and Ola – are promising hundreds of millions in new investment while also facing off with one another in court. San Francisco-based Uber reportedly plans a $500 million (roughly Rs. 3,318 crores) infusion of new funds, apart from the $1 billion (roughly Rs. 6,637 crores) already committed over the past nine months, according to Indian newspapers. The company declined this week to comment on those reports. Meanwhile, Ola Cabs promises to add another 2,000 cars…

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Ola, Uber Bike Taxis Seized by Regional Transport Authority in Bengaluru

Srijita, , , , , , , , , ,

The Karnataka government on Saturday seized five two-wheeler taxis belonging to app-based cab aggregators Uber and Ola for violating the Motor Vehicles Act and operating without requisite permissions. “They (UberMoto and Ola Bike) did not make any application so it is a violation of the Motor Vehicles Act. That’s why we have taken action against them. We have seized some vehicles – four to five,” said Karnataka transport commissioner Dr. Ramegowda. The transport commissioner said companies interested in launching two-wheeler taxis or similar services must first make an application to…

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