MoveInSync, a Bengaluru-based technology startup that develops and offers transportation software services to large companies, will foray into the ride-hailing segment, currently dominated by Ola and Uber. MoveInSync will offer services only to office-goers. Deepesh Agarwal, co-founder and CEO, said the service, to be launched in March, would offer fares at a discount of 25%-50% than those charged by Uber and Ola. MoveInSync would provide a scheduled transportation system for workers with fixed timings. Employees could directly pay for the service, instead of their employers. The company plans to launch the service with about 1,000 cabs on its platform.
Ola has signed a term sheet with Mirae Asset-Naver Asia Growth Investment Fund. The Fund was set up by South Korean financial services firm, Mirae Global Asset Management, and South Korean internet conglomerate Naver to invest in India’s rapidly expanding consumer internet ventures. The fund is now looking to buy a stake in India’s largest ride-hailing platform Ola. The investment is likely to value Ola at $5.5-6 billion. However the exact amount of investment is not known. Ola reported a 61% rise in revenue to Rs 2,223 crore in FY18 while curbing losses by 42% at Rs 2,842 crore.
Cab-hailing app Ola on Thursday said it has sold over two crore in-trip micro-insurance policies every month since its launch in April 2018. Ola offers customers an option to buy insurance through its app when they book their ride. The risk covered includes coverage against lost baggage, accidental medical expenses, accidental death or disability, and OPD treatment, among others. The insurance is offered in the price range of Re 1-Rs 49. Cities such as Bengaluru, Delhi, Chennai and Mumbai registered the fastest adoption growth rates, it added.
Ola-backed online food delivery platform Foodpanda’s losses widened to Rs 227.95 crore in the year ended March 2018, against Rs 44.82 crore in FY17. The company’s revenue from operations rose to Rs 72.13 crore in FY18, as against Rs 61.43 crore registered in the previous financial year. Its rivals Zomato and Swiggy reported revenues of Rs 139.9 crore and Rs 420.5 crore respectively in FY18. Foodpanda said the company will focus on further improving the customer experience and increasing the market share with significant investment in technology, logistics and brand. Ola has reportedly halved its investment in Foodpanda.
Cab aggregator Ola has appointed Puneet Bhirani as CEO of Ola Fleet Technologies (OFT) and COO for Ola, according to sources. The company has witnessed a series of recent high-profile exits. Bhirani was previously the CEO of US-based Digital Risk, a subsidiary firm of IT company Mphasis. Puneet Bhirani will take over from Sandeep Divakaran, who is the current head of OFT, over the next two months. Ola founder and CEO Bhavish Aggarwal said in an email to employees that he and Divakaran will move into a new initiative in the group on which they have been working on.
Domestic cab-aggregator firm Ola has raised an additional Rs 112 crore from a bunch of US-based investors including Raymond S Cahnman, Chairman of Transmarket Group, philanthropist Tina & Steven Price, J3T Ventures and Lyon Assets. The investment comes as part of its ongoing Series-J round which values the company at $5.7 billion. Last month, the company had received Rs 150 crore from Sachin Bansal and Rs 520 crore from Steadview Capital as part of the same round.
Ride-hailing platform Ola has more than halved its consolidated losses to Rs 2,842.2 crore, while growing revenue by almost 61% during FY2018, as per regulatory documents. Ola had registered a loss of Rs 4,897.8 crore in FY2016-17, PTI reported. ANI Technologies — the entity running Ola — saw its consolidated revenue rising 60.9% to Rs 2,222.6 crore in the fiscal ended March 2018 from Rs 1,380.7 crore in the previous fiscal.
Beverages maker Coca-Cola on Thursday announced a five-year global sponsorship partnership with international cricketing body ICC. The partnership will see Coca-Cola become exclusive non-alcoholic beverages partner of the ICC till 2023. The partnership comes ahead of the ICC World Cup to be played later this year. Rival PepsiCo was one of the on-ground sponsors for the ICC World Cup in 2015. The financial details of the deal were not disclosed.
Cholamandalam Investment and Finance on Wednesday reported a 41% rise in standalone net profit at Rs 304 crore in the quarter ended December 2018. The growth in profit was helped by higher disbursements and stable asset quality. Disbursements grew 13% to Rs 7,644 crore from Rs 6,761 crore led by vehicle finance business that grew 11% to Rs 6,240 crore. Gross NPAs improved to 2.7% from 3.7% bringing down net NPAs to 1.5% from 2.3%.
According to domestic solar equipment manufacturers, the safeguard duty imposed last year has failed to curb cheap Chinese imports. These manufacturers have called for tougher measures. The country last year imposed a 25% tariff on solar cells and modules imported from China and Malaysia for two years. According to the Indian Solar Manufacturers Association, the tariff duty has prompted developers to either stall the projects or source cheap imports from Southeast Asia. “No new manufacturers came in, new capacity hasn’t come in, people are shutting shop, employment hasn’t been generated.” Jupiter Solar CEO, Dhruv Sharma said.
Online marketplace Cars24 has applied to the RBI for an NBFC (non-banking finance company) licence, reported ET Tech. Cars24 which deals with the online purchase and sale of used cars will form a separate entity to conduct the financial service business, CEO Vikram Chopra told the paper. As per the report, cab aggregating company Ola too is planning to enter the lending business. The firm has applied for an NBFC licence and plans to enter the lending business as an extension of its payment entity, the report added.
According to a ToI report, Delhi Metro Rail Corporation (DMRC) has invited expression of interest from banks and non-bank entities to install ATM at its premises. The Corporation is planning to install at least one ATM machine at every station on its network. The move is likely to benefit daily commuters besides fetching revenue for the DMRC. Last month, DMRC had unveiled a service in partnership with cab aggregators, Ola and Uber to set up kiosks at the stations. These kiosks will provide booking facility to metro commuters, along with updates on booking status and location of already booked cabs.
In a bid to cut down on its power purchase costs and utilise the vast stretches of linear land along the tracks with greater efficiency, the Indian Railways is planning to come up with solar power tenders of 4GW soon. The bids will open up business opportunities of about Rs 18,000 crore for the domestic solar industry that consists of equipment makers and plant installers. According to sources, the tender, to be invited by Solar Energy Corporation of India (SECI), is proposed to be issued in two tranches of 2 GW each to be built across 10 states.
Cab-hailing app Ola on Thursday said it will roll out digital credit payment Ola Money Postpaid to all its 150 million users in the country. The pilot service which was launched last year has grown 30% month-on-month. Ola Money Postpaid offers a 15 day credit line and is at present being used by more than 10% of the cab aggregator’s customers.