Ola Ceases Its Operations in UK, Australia and New Zealand

Ola, the Indian ride-hailing company, has decided to cease its operations in the UK, Australia, and New Zealand. This strategic move is part of the company's focus on strengthening its domestic business in India and preparing for an upcoming initial public offering (IPO).

The company aims to concentrate on the electrification of its fleet and the premiumisation of its offerings for future growth within India. Ola Electric, which is a part of the same parent company, is also preparing for its own IPO and is looking to raise significant funds from its public listing. This decision marks a significant shift in Ola's business strategy, as it had previously expanded to international markets in 2018.

Ola's decision to exit the UK, Australia, and New Zealand markets is primarily driven by a strategic shift to focus on its domestic market in India and the electrification of its fleet. Here are the key reasons for their exit:

Ola is concentrating on strengthening its business in India, which includes the electrification of its fleet with electric scooters and bike-taxi services. Moreover, the company is preparing for an initial public offering (IPO) and aims to prioritize resources for this significant event.

An industry insider mentioned that the global shift toward electric vehicles would require Ola to significantly increase its investment to transition its existing Fleet.

Ola faced several challenges in the international markets, which contributed to its decision to cease operations in the UK, Australia, and New Zealand.

The ride-hailing industry is complex and evolving, and despite Ola's parent company, ANI Technologies, achieving a valuation of $7.3 billion, the company has yet to report a profit.

The pandemic posed significant challenges for Ola, especially in Australia and New Zealand, where it struggled to maintain its foothold against competitors like Didi Chuxing.

Earlier this year, Ola's valuation was slashed by 30% by U.S. asset manager Vanguard, valuing the company at under $2 billion. In its international markets, Ola was engaged in fierce competition for market dominance against Uber and other local players.

Industry experts have expressed doubts about the appetite for electric two-wheelers in many countries outside of India and China, which could impact Ola Electric's expansion plans.

These challenges highlight the difficulties Ola faced in sustaining its international operations and underscore the reasons behind its strategic shift to focus on the Indian market.

Ola has started sending out notifications to users and drivers about the impending closure of operations. In Australia, for instance, operations are set to cease from April 12. Users will no longer be able to book rides, and drivers are asked to stop taking bookings under Ola's permits from that date. Drivers have been instructed to remove all Ola-related labels and stop using Ola materials. They must also destroy any copies of Ola permits they may have.

This transition phase is crucial for both users and drivers as they will need to find alternative ride-hailing services or employment opportunities respectively. Ola's communication to its stakeholders is aimed at ensuring a smooth transition as it winds down its operations in these countries.

After e-Scooter, OLA is Now Preparing to Bring Electric Bike

OLA Electric, the country's largest electric scooter maker, is now mulling to bring a new electric bike soon. The CEO of the company has given this information on social media. In this news, we are telling you that by when the company's new electric bike can come and which electric bikes will challenge it in the market.

It has been informed on social media by Bhavish Aggarwal, co-founder and CEO of OLA Electric, that the company is going to bring electric bikes soon. Along with this, he has also sought people's opinion through votes on social media.

In a voting over Twitter, 4 options were given, which were — Sports, Cruiser, Adventure and Cafe Racer. Out of these, the maximum 47.1% votes have been given to sports bikes. After this, the cruiser bike is second number, which has got 27.7% votes so far. Adventure is at the third position with 15.1% votes and cafe racer bikes at the last position with 10.1% votes.

OLA can launch the new electric bike by Holi in the month of March next year. This information has been given by the company. It has been told by the company that– "Remember, Ola is promising to launch its upcoming motorbike this Holi?"

Looks like Ola is indeed working towards making the most performance driven, practical and durable motorcycle in the Country.

At present, no official information has been given by the company about what kind of design the bike will be based on. The company has kept four options for the design of the new bike, which are sports bike, cruiser bike, adventure motorcycle or cafe racer design.

Ola To Foray into Electric Cars Market; To Develop Indigenous Affordable e-Car for Indian Market

The country's leading cab provider Ola recently announced the launch of its first electric scooter. The company has also released pictures of this scooter on its official website. But now news is coming that the company is preparing to launch electric car for the Indian market, which will be introduced very soon.

Ola will indigenously develop its electric car and is planning to set up a global design center in Bengaluru for its electric four-wheeler division.

The factory will have all necessary facilities, including those for CMF (color, materials, and finish) lab as well as clay modeling. For its electric Passenger Vehicle (PV) project, the company has already employed a few designers from Tata.

According to media reports, the company has started working on electric car. However, no information has been officially shared by the company about this electric vehicle, nor have the details of this car been revealed. It is reported that the company is thinking of making its presence in the electric vehicle segment soon as there are very few players in this segment and this is also a better opportunity for the company.

According to the report published in Autocar, this electric car of Ola will be ready on the Bourne-electric skateboard platform. It will be equipped with advanced features with futuristic design. The company is planning to set up a Global Design Center in Bangalore, where the car will be designed, as well as work on color, material and finish.

Besides, Ola will also set up a Hypercharger Network across India, over the next 5 years. Its aim is to install roughly one lakh charging stations across 400 cities. The network might also be capable of catering to electric car customers.

Ola to Setup World's Largest Electric Scooter Plant in Bangalore

Representative Image

Ola founder Bhavish Aggarwal is envisioning a $330 million mega-factory in Bangalore's outskirts' empty 500-acre land, said a report by NDTV. The high-profile Ola founder hopes to erect the world's largest electric scooter plant on this vacant plot within the next 12 weeks, to produce about 2 million a year, initially -- a landmark for one of India's largest startups.

According to the report, Ola's Electric Vehicle (EV) unit "Ola Electric Mobility" hopes to make 10 million vehicles annually or 15% of the world's e-scooters by the summer of 2022, starting with sales abroad later this year. That would be one scooter rolling out every two seconds after the plant expands next year. It's the first step in Aggarwal's goal to eventually assemble a full line-up of electric cars in a boost for Prime Minister Narendra Modi's Make in India and sustainable mobility ambitions.

Last week, Aggarwal also showed-off a sleek all-black matte shade scooter prototype (on paper) with novel lighting, removable batteries and a large storage trunk. His plan is to sell the scooters digitally as well as via dealerships, offering monthly payment plans to make it easier on buyers' pockets.

COST

The company did not revealing prices yet but said the upcoming e-scooter but Aggarwal said that it would compete with traditional scooters going for about $1,000/ piece.

To keep costs in check, Ola is designing, engineering and manufacturing its own battery pack, motor, vehicle computer and software. Like Tesla, Ola wants to keep costs down by building its own power cells. It's testing charging solutions and battery-swapping stations. Last year, it acquired Amsterdam-based smart scooter startup Etergo BV to jumpstart its own scooter manufacturing.

In a recent interview, Aggarwal said --

It's a vehicle we've engineered ground-up so India can get a seat at the world EV table. Indian companies "have the smarts and energy to leapfrog into the future of EV."

Ola's upcoming e-scooter factory site, which is about two-and-a-half hour drive southeast of Bangalore, will sport more than 3,000 robots working alongside 10,000 workers. Software built by its 1,000-member team -- mostly engineers -- will divvy up the work. The factory's roof will be covered with solar panels and be carbon negative. Two supplier parks at either end of the complex will make about half of the scooter components required.

Dr Srinivas Chunduru, a key Ola advisor, joins Crowdera India as Chief Advisor Strategic Alliances

Crowdera, a SaaS-based fee-free global online fundraising platform for non-profits and social innovators, welcomes on board Dr. Srinivas Chunduru as Chief Advisor Strategic Alliances. 

With more than 20 years’ experience at Piramal Housing Finance as Business Head and Executive Director, Dr. Srinivas (fondly addressed as Srini by associates) has unparalleled expertise across diverse functions such as P&L Management, Business development, Corporate Strategy, M&A, Investor Relations and Strategic HR. An executive entrepreneur and a well-known business leader, he brings in extensive experience in managing large teams, working closely with foundations and initiatives as advisor and/or as board member, and partnering closely with founders/ promoters/ family managed businesses for strategic business growth.

Dr. Srinivas has been a key advisor for Ola as its Interim CHRO and CEO (OSPL) and continues to be on the board of Ola group companies (OSPL). 

Commenting on his new association with Crowdera, Dr Srinivas Chunduru said, "I am extremely proud of my association with Crowdera India as Chief Advisor- Strategic Alliances. This partnership will leverage the technology, credibility and strength of the Crowdera platform combined with my experience of working closely with large conglomerates, unicorn startups and educational academies for over two decades in India, to bring about a desirable change".

“With its ever-expanding spectrum of innovative offerings like the Digital transformation program for global charities, Donation syndication, Alumni engagement and fundraising platform  coupled with world class technology, Crowdera is poised to create a large impact in its chosen space; and I am very excited to join hands with it to be an impact facilitator. Each of these products are unique and cater to lot of unmet needs in the world of philanthropy. I'm eagerly looking forward to be a part of Crowdera’s vision of digitally transforming 1 million charities by 2030 and creating a positive impact on millions of people”, he added.    

Commenting on the association, an upbeat Chet Jainn, Founder & CEO, Crowdera said, “In current pandemic affected times when philanthropy has become a strong pillar of our society, it is imperative and important that Crowdera makes prudent associations and in Srini – Dr Srinivas Chuduru, we have found the perfect strategic partner. We are delighted and extremely overwhelmed to welcome Dr. Srinivas as our Chief Advisor - Strategic Alliances. Srini will bring to Crowdera, two decades worth of experience in guiding various businesses to strategic growth.”

“Crowdera has an amazing team full of talented people holding a great lineage, having studied in some of the most well-known schools like Columbia, Wharton, VNIT etc and hold work experiences in companies like eBay, PayPal, Amazon, Walmart, Adobe, Ola etc. Srini is an incredible addition to the team and his contribution will bring enormous growth in our business. He is going to guide us on building strategic alliances. We look forward to his counsel and a wonderful and extremely glorious journey with him”, Chet added.

Dr. Chunduru has earlier worked with initiatives in the space of Food, Livelihood, Skill Development and Education. He is the Founder and Member of Board of Vans Group (Vans Investments, Vans Skilling and Advisory) which has interests in varied areas like Edutech, Fintech, Skilling & advisory and HR analytics. He is also on the board of AF Capital (Avail), an innovative Digital Financial services company.

Recently, in 2020, he has been conferred the prestigious Doctorate in Excellence by the UCT, Delaware, USA for his contribution to the area of management. Dr. Srinivas is also the recipient of several awards like CLO of the year (TISS, Leap Vault), Gold award for Best Simulation for finance (CLO conference) and CHRO of the year (TOI).

About Crowdera

Crowdera is a SAAS technology company that builds scalable fundraising and syndication platforms and solutions with inbuilt virality creating a network effect. Crowdera offers fee-free online syndicated team fundraising & crowdfunding platform for nonprofits, foundations, corporations, and social innovators serving individuals and communities. The Crowdera difference being that all fundraising and crowdfunding is absolutely free on this platform with no donor dipping. Fundraisers on Crowdera can raise money without losing any commission or fee from donations received.

Founded in 2014 from Silicon Valley with a principle that believes in the power of giving to create abundance around us, Crowdera platforms now support charitable fundraising, crowdfunding, corporate & celebrity donation syndication, and employee engagement, in a single value chain. 

Ola Launches 'Ola Emergency' for Essential Medical Trips in B'luru

Ride-hailing platform Ola on Tuesday announced the launch of 'Ola Emergency' to enable riders to book non-COVID-19 medical trips, which do not require ambulance, to over 200 hospitals in Bengaluru.

The service has been launched in collaboration with the Karnataka Health Ministry, and the company is looking at expanding the category in other major cities soon.

"'Ola Emergency' is available in Bengaluru starting today with a network of cars that are equipped with masks and sanitizers and will be operated by specially trained drivers," Ola said in a statement.

To book an ‘Ola Emergency' cab, users can select the category 'Enabled for Hospitals' on their Ola app, and enter the drop location from a list of available hospitals in the city.

"Ola has enabled over 200 hospitals on its app to provide the service and ensure cabs are used only for essential medical travel. The service will be available across Bengaluru and is slated to soon launch in other major cities," the statement said.

B Sriramulu, Minister of Health & Family Welfare, Government of Karnataka said after the lockdown, all 108 ambulances are being used for COVID-19.

"To ensure citizens are not troubled, Ola has come forward and will transport people with all cases of medical trips and emergencies that are non-ambulatory (does not require ambulance) in nature from their homes to the hospital and vice versa, for a minimal charge. This permission has been provided by the Ministry of Health and Family Welfare, to provide an essential service to the citizens in need," he said.

Ola is working with the authorities to ensure all drivers and cars are equipped with essential protective equipment like masks and sanitizers, and will ensure the service is used only for medical travel that is non-COVID-19 and non-ambulatory (does not require ambulance) in nature like dialysis, chemotherapy, scheduled check-ups and physical injuries among others, the statement noted.

Customers will be charged a nominal fare to compensate driver-partners for their services, it added.

"Ola Emergency will help thousands of citizens get access to quick, convenient and safe transport for trips from home to hospital and vice versa, amidst the minimal availability of transportation during this time. With a dedicated network of sanitised cars and trained drivers, the service will be available 24x7 on the Ola app for citizens of Bengaluru," an Ola spokesperson said.

The spokesperson added that the company will continue to collaborate with the Centre and state governments to provide mobility solutions for essential travel and make similar services available in more cities soon.

Last week, Ola had collaborated with the Karnataka government and stakeholders like the Corona Task Force, to help ferry senior citizens in need of medical support across Bangalore, and Hubli-Dharwad. PTI SR

COVID-19: Ola in talks with States, Centre to offer vehicles, kitchen services

Ride-hailing major Ola is in discussions with various state governments and the Centre to offer its transportation and kitchen services amid the 21-day lockdown across the country.

Ola, which is already working with the Karnataka government, is in talks with other States and the Centre to extend its transportation services to help facilitate transit of healthcare professionals, senior citizens, government officials and quick response teams who need mobility options.

Ola co-founder and CEO Bhavish Aggarwal in a tweet said: "Thank you Sir! We‘re humbled to join hands with GoK and other state Governments in offering all support we can in these times. @Olacabs driver-partners and @Olafoods_India kitchen staff are proud to join various essential service providers in #IndiafightsCorona #StrongerTogether".

Karnataka Deputy Chief Minister C N Ashwath Narayan in a tweet said Ola has agreed to provide 500 vehicles for COVID-19 related activities in Karnataka.

He added that these vehicles will be used for commuting by doctors and for COVID-19 related activities.

According to sources, Ola is engaged in conversations with Tamil Nadu, Maharashtra, Delhi, Uttar Pradesh, Gujarat and Telengana, and similar proposals have also been sent to Health Ministry and Prime Minister's Office.

A source said government departments are helping with required permits and procurement of protective gear wherever applicable to ensure safety of the drivers.

Also, driver earnings on a cost to cost basis are being provided by the government.

Ola has also offered to prepare food from its cloud kitchens (over 40 in six cities) and transportation of the food to major nodal centres for the government to supply to medical professionals, daily wagers, migrant labourers, and security teams on ground, the source added.

An e-mail sent to Ola did not elicit a response.

On March 23, Prime Minister Narendra Modi announced a three-week national lockdown as part of efforts to combat the coronavirus outbreak in the country.

Over 1,000 people in India have tested positive for coronavirus so far with 29 deaths being reported.

With the implementation of the lockdown , the government has allowed only people in essential services like healthcare, banking and media to commute. Limited mobility options have made it difficult for these people to travel to their workplace. PTI SR

COVID-19: Ola Launches Fund to Support Drivers, Bhavish Agarwal to Forego A Year Salary

Ride-hailing major Ola on Friday launched a fund to support auto-rickshaw, cab, Kaali-Peeli and taxi drivers across India amid the ongoing 21-day lockdown.

Besides, Ola co-founder Bhavish Aggarwal will forgo salary for one year that will go towards the fund.

Launched under Ola Foundation, the 'Drive the Driver Fund' will support the drivers through contributions from the Ola group, investors and via a crowdfunding platform for citizens and other institutions, a statement said.

"The proceeds of the fund will help towards the welfare and upliftment of drivers and their families who have been affected by the restrictions due to the COVID-19 pandemic," it added.

Ola Group and employees are contributing an initial capital of Rs 20 crore to the fund and through the crowdfunding campaign, the intent is to raise up to Rs 50 crore.

"The mobility industry has been brought to a grinding standstill during these stressed times, and the driver community has been finding it hard to pay for their family expenses without a source of income," the statement said.

Ola's initiative aims to bring together multiple stakeholders in the ecosystem such as customers, investors and partner organisations to participate in supporting millions of drivers and their families across India, it added.

This initiative will focus on key areas such as emergency support and essential supplies. In due course, Ola Foundation will also take up initiatives to support drivers in areas such as aid for children's education, among others.

"Millions of drivers and their families have been affected, and even a humble contribution can have a lasting impact on their wellbeing. We invite all the stakeholders of the mobility industry to join us in every way you can, and support the people who move us in this difficult phase," an Ola spokesperson said.

Ola has undertaken a number of measures, including launching a special COVID-19 insurance cover exclusive for their driver partners and their spouses.

These steps are aimed at helping driver-partners and customers through the coronavirus outbreak.

The number of positive coronavirus case in India has touched 724 till date. PTI SR

Covid-19: Ola Announces floater Coverage of Rs 30,000 for 20 Lakh Driver Partners

Ride-hailing firm Ola will offer a floater insurance cover of up to Rs 30,000 crore for its around 20 lakh registered driver partners and their spouses in case they are hit by coronavirus infection.

"All eligible Ola driver-partners and their spouses shall be covered by a floater sum of Rs 30,000 under which they can receive a compensation of Rs 1,000 per day for a maximum of 21 days for an individual from the date of a positive diagnosis for COVID- 19," Ola said in a statement.

Ola partners can claim for the cover for hospital as well as home quarantine prescribed by a qualified medical practitioner, as approved by the government norms from time to time.

"Drivers can make a claim for this compensation for themselves and (or) their spouse by providing appropriate medical documents. This coverage comes in with immediate effect and is available for all Ola driver-partners in India across all categories including Ola Bike, Ola Auto, Ola Rentals and Outstation," the company said.

Ola currently operates in 250 Indian cities.

The company has also partnered with online doctor consultation App, Mfine, to provide free medical help for driver-partners and their family members.

"The outbreak of COVID-19 poses a risk of impacting the health and livelihoods of millions across the country including that of our driver-partners and their families. Through our tailored insurance offering, we are able to help driver-partners and their spouses, through assured financial support if they are diagnosed with covid-19," Ola spokesperson and head of communications Anand Subramanian said. PTI PRS

Ola Temporary Suspends Share Rides

Ride-hailing firm Ola has suspended shared rides temporarily in an effort to curb spread of coronavirus that has killed over 10,000 persons so far globally.

"In our efforts to curb the spread of COVID-19, we are temporarily suspending the 'Ola Share' category until further notice," the company said in a statement on Friday.

Ola users have an option to take ride that can be shared with other customers which costs less than standalone ride.

"The temporary suspension of Ola Share services is an attempt to encourage social distancing for all cases of essential travel for citizens," the statement said.

The company said it will continue to provide micro, mini, and prime as well as rental and outstation services rides. PTI PRS

Ex-Flipkart Exec Sanjiv Saddy Joins Ola as SVP Corporate Affairs

Ride hailing platform Ola has named former Flipkart executive Sanjiv Saddy as its senior vice president corporate affairs.

"Sanjiv will be responsible for building deep relationships with key authorities, government agencies and other related stakeholders and in closely engaging and working with them as a business," Ola co-founder and CEO Bhavish Aggarwal said in an email to the employees.

"Consequently, all our regional corporate affairs and law enforcement leads will report to him," he wrote. An Ola spokesperson confirmed the appointment.

Saddy has over 35 years of experience in corporate affairs and government relations, business development and finance. In his previous role, he was working with Flipkart, leading its government relations and corporate affairs mandate.

He has also worked with Tata Communications, Emaar MGF Land Ltd and Freightwinds and Travels Ltd, among other companies. PTI SR

Ola Gets Caught in Social Media Debate Over Free Speech

Ride hailing platform Ola found itself in the midst of a social media storm on Friday over an emotionally charged political conversation between a passenger and the driver.

A passenger took to Twitter to detail out his conversation with the driver and asked Ola to ensure that "drivers would focus on driving than overhearing conversations and tagging people anti-nationals during their driving duties".

Ola responded to the series of tweets saying it has reported the driver-partner for corrective action.

Following this, #BoycottOla started trending as many Twitter users supported the driver's right to hold his own opinion. Well over 4,700 tweets with #BoycottOla were shared on Twitter.

Thereafter, Ola sent out another tweet saying: "We are respectful of all personal views and like India's democratic values, encourage healthy exchange of thoughts".

"None of the parties involved in this case have been penalised from using the platform and we urge everyone to respect difference of opinion at all times," it added. PTI SR CS SR

Ola Bike Expands into 150 Indian cities, Eyes 3X Growth in Next 12 Mths

Ride hailing platform Ola on Thursday said it has expanded its 'Ola Bike' offering to 150 cities in the country and is looking to scale up its presence further to newer cities over the next 12 months.

"Ola has expanded its Ola Bike offering to 150 cities across the country, strengthening its position as India's largest player in the micro-mobility space...(Ola)plans to scale up its presence and introduce the category in hundreds of new towns and cities...grow 3X over the next 12 months," a statement said.

Ola Bike has enabled citizens from the smallest of towns such as Chapra in Bihar to large metropolitan areas such as Gurugram with access to quick, reliable and affordable mobility, Ola Chief Sales and Marketing Officer Arun Srinivas said.

"Ola Bike is also helping build sustainable livelihoods for our fast-growing network of close to 300,000 partners from within these ecosystems of cities and towns, creating opportunities like never before for the youth of the nation. We aim to impact over a million bike-partners in the coming year," he added.

Ola Bike was first introduced in 2016 as a last-mile mobility solution in Gurugram, Faridabad and Jaipur.

Since then, the service has been extended to cities like Hyderabad, Chandigarh and Kolkata as well as smaller towns like Gaya, Bikaner and Mughalsarai. PTI SR

Ola Acqui-Hires Bangalore-based AI Startup Pikup.ai

Cab aggregator Ola on Tuesday announced acqui-hiring' Pikup.ai, an artificial intelligence (AI) startup based out of Bengaluru. Acqui-hiring is a term for acquisition plus hiring.

As part of the deal, the team at pikup.ai will join Ola, the company said in a statement.

Ola announced earlier this year its intent to set up an advanced technology centre in the San Francisco Bay area in the US, to focus on developing next-generation technologies in mobility like Electric, Connected and Autonomous Vehicles.

"By bringing deep domain expertise to Ola, this acquihire will also deliver innovations that continue to improve safety and transform customer experience," Ola said.

Pikup.ai was co-founded by Inder Singh and Ritwik Saikia, which uses autonomous technologies like AI, computer vision and sensor fusion to provide seamless AI-powered solutions for businesses, the company said.

Ola was optimistic that pikup.ai's expertise in the segment and the availability of rich data, the application of machine learning and AI will enable the company to identify deep insights that can lead to improved mobility outcomes.

"Ola is increasing its focus on using advanced analytics and deep technology to build futuristic mobility solutions for India and the world," the company said. PTI GMS

Ola expands operations to Sunshine Coast in Australia

Ride-hailing firm Ola on Friday said it has started operations in Queensland's Sunshine Coast, expanding its services in Australia.

The Bengaluru-based company, which competes with US-based ride-hailing firm Uber in multiple markets, had launched its services in Australia in February last year.

"Having been present in Australia's most-populous cities, Ola received a large number of requests from drivers and customers alike to introduce its services in other parts of the country. Sunshine Coast was chosen due to the bustling tourism industry and the need for more choice in the local rideshare market," Ola said in a statement.

Ola has over 1.5 million drivers across 250 cities in Australia, New Zealand, the UK and India.

"We have seen a tremendous response to our offerings across the country as customer demand has been on an upward trend. After seeing a large number of requests to introduce our services in other parts of the country, we have chosen the Sunshine Coast as Ola's first launch in a non-metro city in Australia," Ola Managing Director (Australia and New Zealand) Simon Smith said.

He added that the company is now present across eight cities in Australia. PTI SR RUJ

Ola Raises Fresh $11 Mn from DIG Investment, Deshe Holdings and Founders Jabbar Internet Group

Within a week after Ola Electric, the EV unit of cab aggregator Ola, had raised ~ US$250 million funding from SoftBank, Ola's parent company ANI Technologies has raised $11 million in fresh funding from a set of new investors including Swedish DIG Investment Ab, US-based Deshe Holdings and the two founders of Dubai-based Jabbar Internet Group, reported Economic Times, citing business intelligence platform Paper.vc.

Regulatory filings accessed by Paper.vc showed that the latest funding is part of Ola’s ongoing Series-J round. Ola has said it plans to raise close to $1 billion as part of its ongoing fundraising exercise.

Ola has been raising funds in tranches as part of its plan to raise $1 billion in fresh funds. The company had earlier secured $100 million from Sachin Bansal in January this year in its ongoing Series J round, which was also Bansal’s first major investment after his exit from Flipkart.

Two months back, Ola had raised undisclosed amount from Ratan Tata, who is also an investor in Ola.

The Indian cab-hailing firm is also setting up a advance technology center in Silicon Valley of the U.S to develop technologies related to electric/ connected/ autonomous vehicles. The tech center by Ola will be in Palo Alto in the Bay Area and Ola will be the second Indian consumer internet company to launch a technology center in Silicon Valley after Flipkart.

Ola Electric is Latest Unicorn with $250 Mn Funding from SoftBank

Ola Electric, the electric mobility arm of Ola (ANI Technologies). has secured a funding of over Rs 1,725 crore (~ US$250 million) from SoftBank, who is is also the single largest investor in Ola.

Made through Softbank's Cayman Islands unit,SB Topaz (Cayman) Limited, the latest infusion from Softbank, Ola Electric Mobility (OEM) has joined the list of unicorns in India that includes names like Flipkart, Zomato, Paytm as well as its parent, Ola.

As per regulatory documents filed with the Registrar of Companies, OEM issued "4,326 fully and compulsorily convertible series B preference shares of face value of Rs 10 each having the rights, privileges and preferences..." to SB Topaz (Cayman) Ltd.

The allotment was made on Tuesday following a special resolution passed by the board members on June 25, the filing of Ola Electric Mobility Private Limited showed.

In May, Ola had raised undisclosed amount from Ratan Tata, who is also an investor in Ola.

Also as part of the series A, Ola Electric had announced raising Rs 400 crore led by Tiger Global and Matrix India in March this year.

Ola Electric is currently running several pilots involving charging solutions, battery swapping stations, and deploying vehicles across two, three and four-wheeler segments.

Ola Electric was initially established to enable Ola's electric mobility pilot programme in Nagpur.

Earlier this month, Indianweb2 reported that Ola is setting up an advance technology center in Silicon Valley of the U.S to develop technologies related to electric/ connected/ autonomous vehicles.

Ola to Set up Tech Centre in U.S. Silicon Valley for Electric, Connected & Autonomous Mobility Solutions

Indian cab-hailing firm Ola is setting up a advance technology center in Silicon Valley of the U.S to develop technologies related to electric/ connected/ autonomous vehicles. The upcoming centre, which will be a first-of-its-kind in the US, will be in San Francisco Bay Area in Northern California of U.S. Notably, the much popular 'Silicon Valley' is in the southern part of the San Francisco Bay Area and houses Apple, Google, Facebook and Paypal, among others.

The development comes within few days after the report surfaced up saying that government of India is planning to mandate cab aggregators such Uber and Ola to convert 40% of their fleet of cars to electric by April 2026.

The technology center will reportedly be in Palo Alto in the Bay Area and Ola will be the second Indian consumer internet company to launch a technology center in Silicon Valley after Flipkart.

The center would look to on-board world-class talent who will collaborate with global teams in the various geographies where Ola operates. It would build technology solutions that can accelerate Ola’s ambitions across electric mobility and connected vehicles, as well as lead futuristic experiments like autonomous vehicles. Ola is looking to hire experts across artificial intelligence, machine learning, data sciences, engineering and product development.

Ola, which raised fresh capital for its electric Vehicle unit from Ratan Tata, in last month, is said to be hiring more than 150 engineers to work at the center who would also collaborate with Ola’s global team spread across India, the UK, Australia, and New Zealand to develop "next-generation technologies in mobility," Ola said in a statement. The new hires would be across areas of artificial intelligence, machine learning, data sciences, engineering, and product development.

The company will begin hiring this week for open positions. This includes hiring a senior data science professional.

Uber and Ola would have to begin switching their vehicles to electric as soon as next year in order to achieve 2.5 per cent electrification by 2021 and 10 per cent by 2023 before taking it to 40 per cent, Reuters quoted a source and records of government meetings around new rules for clean mobility.

[Top Image - Financial Times]

Ola Suspends Food Delivery Biz of Foodpanda, Lay-off Employees

Ola has suspended food delivery business of Foodpanda, which the cab aggregator acquired in 2017, reported LiveMint. Ola has even laid off about 40 mid- to entry-level employees and terminated the contracts of most of its 1,500 food delivery executives, said the report citing four people aware of the development and confirming the report.

For last couple of months, Ola is reportedly struggling to keep the Foodpanda business afloat as the established specialty players such as Swiggy, Zomato and Ubereats have already acquired a major portion of the market.

According to the report, Ola wants to shift its focus from food delivery from restaurants to its own brands and in-house cloud kitchen business, which it launched after Foodpanda acquired Holachef, a Mumbai-based food-tech startup, in October last year.

Ola has launched a few brands and is considering the launch of a few more. Under its cloud kitchen business, Foodpanda currently owns three private label brands - The Great Khichdi Experiment, Lovemade and FLRT.

The report quoted one of its sources, "They (Ola) have realized they can’t burn money like Swiggy and Zomato, which is why they only want to do in-house brands. Over the last few months, Foodpanda has been scaling down its marketplace."

Following the suspension of Foodpanda, Ola is now in talks with delivery firms such as Dunzo and Zomato to re-list its cloud kitchen brands. It wants to focus only on running the cloud kitchen brands instead of a food delivery business, the report said.

In the last two weeks alone, Ola has dissolved the ground team of Foodpanda completely. While Ola has retained its core operations team having senior employees, the entry-level employees were given pink-slips which then was followed by lay-off of on-ground operations team. Notably, it was Ola founder and CEO Bhavish Aggarwal who supervised the staffing of executives at Foodpanda post its acquisition.

In 2015, Ola had tried its hands on food delivery business with Ola Cafe, where customers could order through the app and Ola cabs would deliver the order in quick time. However, within a year later the company had to shut down the service on account of stiff competition from Swiggy and Zomato.

In the same year, Ola also tried to diversify its business by adding online grocery delivery service to its offerings by launching 'Ola Store' in July 2015

Last year in May, it was reported that Ola's parent ANI Technologies Pvt. Ltd was setting up a holding company that will own different business units, including its core cab business, food delivery app Foodpanda and the nascent businesses of electric vehicles (EV) and the international unit.

Ola Electric Mobility Raises Fresh Capital from Ratan Tata in Series A Round

Ola Electric Mobility Pvt Ltd (Ola Electric), the electric Vehicle unit of Ola, has announced that Ratan Tata, Chairman Emeritus of Tata Sons, has invested in the company as part of its Series A round of funding.

Tata is also an early investor in ANI Technologies Pvt Ltd, Ola’s parent company.

“His investment in Ola Electric will bring his deep experience and mentorship to the company’s ambitions to make electric mobility viable at scale,” the company said in a statement.

Ola Electric is currently running several pilots involving charging solutions, battery swapping stations, and deploying vehicles across two, three and four-wheeler segments, the company said.

Ratan Tata, said, “The electric vehicle ecosystem is evolving dramatically every day, and I believe Ola Electric will play a key role in its growth and development. I have always admired the vision of Bhavish Aggarwal and I’m confident that this will be part of yet another important strategic move into this new business area.”

“Tata has been an inspiration and a mentor to me personally in shaping Ola’s journey over the years. I’m very excited to welcome him on board Ola Electric as an investor and a mentor in our mission of building sustainable mobility for everyone on our planet. He is a visionary who has inspired a generation of entrepreneurs and we are privileged to have his guidance and support once again, as we work towards our goal of a million electric vehicles in India by 2021,” Bhavish Aggarwal, Co-founder & CEO, Ola said.

Ola Electric has raised a sum of Rs 400 crores led by several of Ola’s early investors, Tiger Global and Matrix India and others, as part of its first round of investment. The company was initially established to enable Ola’s electric mobility pilot program in Nagpur.

The article first appeared at India.com