K’taka HC bars protestors from stopping Uber cabs; strike may spread to Mumbai

K'taka HC bars protestors from stopping Uber cabs; strike may spread to MumbaiUS-based Uber Technologies Inc’s India subsidiary Uber India Technologies Pvt. Ltd has obtained a restraining order from the Karnataka High Court that bars protesters, including union leaders and members, from blocking and stopping the company’s cabs. “The Hon’ble Karnataka High Court has issued an injunction restraining unions, their leaders, members and their followers from preventing […]

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Ola raises $330 mn in fresh round led by SoftBank: Report

Untitled-2_feBengaluru-based cab-hailing firm Ola, run by ANI Technologies Pvt. Ltd, has raised $330 million (Rs 2,200 crore) in fresh funding led by existing investor SoftBank Group Corp, a media report said on Monday. Citing sources it did not identify, Business Standard reported that the Japanese tech giant and two other existing investors participated in the […]

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Uber, Ola clock half a billion rides in 2016, says RedSeer

OLA_UBER_JUNAID_FRide-hailing companies Uber and Ola carried out approximately 500 million rides in 2016, according to a report by RedSeer Management Consulting, a Bangalore-based consultancy firm. The number of rides by ANI Technologies Pvt Ltd-backed Ola, and US-based Uber Technologies Inc’s India subsidiary Uber, is up almost 300% from 130 million in 2015. “2016 was a […]

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Senior level exits continue at Ola as two more execs resign

Anuj-Bhargava-&-Sriram-V-Iyer_feAfter the high-profile exits of chief financial officer (CFO) Rajiv Bansal and chief marketing officer (CMO) Raghuvesh Sarup, Ola has seen yet another round of top-level departures. Anuj Bhargava, chief operating officer of offline initiatives and Sriram V. Iyer, head of engineering and senior director at Ola, have resigned from the firm, a report in […]

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Ola CFO Rajiv Bansal resigns

Rajiv BansalCab-hailing service Ola’s chief financial officer (CFO) Rajiv Bansal and chief marketing officer (CMO) Raghuvesh Sarup have quit the company, a person directly aware of the development told Techcircle. The person also said that Pallav Singh, senior vice president and one of Ola’s earliest employees, will be “interim CFO.” Techcircle had exclusively reported on February […]

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Weaker yen helps SoftBank pare valuation loss from Snapdeal, Ola investments

Yen-fallJapanese telecom and Internet giant SoftBank Group Corp has reported a valuation loss of ¥39.3 billon (nearly $350 million) from its financial instruments for the nine-month period ended December 31, 2016, largely due to a decline in fair value of preferred stock investment, primarily in India. The loss would have been higher but for a […]

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SoftBank COO Jonathan Bullock quits Snapdeal, Ola boards

Jonathan BullockSoftBank Group COO and managing director Jonathan Bullock has resigned from the boards of its two biggest investee companies in India, Snapdeal and Ola, a statement from the Japanese telecom and Internet conglomerate confirmed on Monday. Mint had reported, citing a regulatory filing, that apart from Jasper Infotech Pvt. Ltd-owned Snapdeal and ANI Technologies Pvt. […]

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Vanguard slashes Ola’s valuation by 41%

taxi-thinkstock-45856987_feA mutual fund managed by US-based investment firm Vanguard Group has marked down the value of its stake in ANI Technologies Pvt Ltd, which operates cab-hailing app Ola, by 41%. This brings down Ola’s valuation to an estimated $3 billion compared with its peak valuation of $5 billion between April and November in 2015. According […]

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Exclusive: Ola CMO said to have quit, CFO Bansal may follow suit

OlaTop-level churn seems to be brewing at Ola with its chief marketing officer (CMO) Raghuvesh Sarup said to have quit the cab-hailing company, according to multiple people aware of the development. Two persons with direct access to the information told Techcircle that chief financial officer (CFO) Rajiv Bansal may also be on his way out. […]

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Karnataka government asks Ola, Uber to stop ride-sharing services from Friday

Ola, UberThe Karnataka transport department has instructed cab aggregators Ola and Uber to halt their ride-sharing services Ola Share and UberPOOL before Friday, terming them illegal. Following a two-hour-long meeting on Monday with officials from Ola and Uber as well as driver representatives, state transport commissioner M K Aiyappa said the department explained the legal aspects […]

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