Ola Electric Shares Surge on Debut as Investors Bet on Increasing EV Adoption

Ola Electric Shares Surge on Debut as Investors Bet on Increasing EV Adoption

ByNews Polite

Ola Electric Mobility’s shares surged 20% on their trading debut in Mumbai on Friday, valuing the company at $4.8 billion, as investors bet on increasing adoption of electric vehicles in the world’s largest market for two-wheelers. The stock had listed flat to its initial public offering (IPO) price of 76…

Ola Electric to Launch IPO on August 2, Valuation Said to Be at Around .4 Billion

Ola Electric to Launch IPO on August 2, Valuation Said to Be at Around $4.4 Billion

ByNews Polite

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…

Ola Electric Said to Have Recorded 6 Million Loss in FY 2022-23, Missing Revenue Goal

Ola Electric Said to Have Recorded $136 Million Loss in FY 2022-23, Missing Revenue Goal

ByNews Polite

India’s largest e-scooter maker Ola Electric recorded an operating loss of $136 million (roughly Rs. 1,118 crore) on a revenue of $335 million (roughly Rs. 2,754 crore) in the last financial year which concluded in March, three sources told Reuters, missing its publicly disclosed revenue goal. The 2022-23 loss number of…

Uber, Ola Suffer a Blow as Supreme Court Revives Ban on Bike Taxis in Delhi

Uber, Ola Suffer a Blow as Supreme Court Revives Ban on Bike Taxis in Delhi

ByNews Polite

The Supreme Court on Monday stayed the High Court order by which it had essentially allowed bike-taxi aggregators Rapido and Uber to operate in the national capital by asking the Delhi government not to take any coercive action against them till a new policy was formulated. A vacation bench of…

Uber, Ola Apply for Aggregator Licences in Maharashtra, RTO Official Says

Uber, Ola Apply for Aggregator Licences in Maharashtra, RTO Official Says

ByNews Polite

Ride-hailing service providers Ola and Uber have applied to the Maharashtra government for aggregator licences, a Regional Transport Office (RTO) official said here on Friday. Sets of guidelines brought out by the Centre and the Maharashtra government mandate such app-based companies to obtain a licence. Currently, the government cannot efficiently…

Uber, Ola Suffer a Blow as Supreme Court Revives Ban on Bike Taxis in Delhi

Uber Says Delhi’s Plan to Only Allow Electric Bikes May Impact Mobility

ByNews Polite

Uber Technologies said on Friday that the plans by the local government in India’s Delhi city to only allow electric vehicles to function as bike taxis would risk “finishing off the sector” and impact the mobility needs of millions. Delhi’s plans, part of a new policy to regulate vehicles used by…

Ola Electric to Invest 0 Million in Tamil Nadu to Manufacture Electric Cars, Batteries: Details

Ola Electric to Invest $920 Million in Tamil Nadu to Manufacture Electric Cars, Batteries: Details

ByNews Polite

SoftBank Group-backed Ola Electric would invest $920 million (roughly Rs. 7,600 crore) in the southern Indian state of Tamil Nadu to manufacture electric cars and batteries for electric vehicles (EVs), a state government statement said on Saturday. Ola will invest $920 million (roughly Rs. 7,600 crore) through its subsidiaries Ola Electric…

Ola, Uber Allowed to Run Auto Service in Karnataka Till Government Fixes Fare

Ola, Uber Allowed to Run Auto Service in Karnataka Till Government Fixes Fare

ByNews Polite

The Karnataka High Court on Friday directed the state government to fix the fare for app-based auto-rickshaw hailing services within 15 days. The authorities last week ordered online aggregators like Uber, Rapido, and Ola to immediately stop their services for auto-rickshaws. The aggregators were also warned that action would be…