Tag: ola

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

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 SoftBank-backed Ola Electric, which is preparing for an up to $700 million (roughly Rs. 5754 crore) IPO, has not previously been reported or filed with Indian authorities, which allows time until September to file previous year’s earnings.

Ola declined to comment.

The e-scooter maker last year in June issued a statement saying it was “on track to surpass $1 billion (roughly Rs. 8,220 crore) run rate by end of this year” and “the future forecast looks even stronger.”

The run rate is a financial indicator calculated by taking one month of Ola’s revenues and multiplying by 12.

But that revenue projection for 2022-23 was missed. Two sources with direct knowledge of its financials said Ola’s first full year of operations saw it record a revenue of $335 million in year with over 150,000 unit sales, and an operating loss of $136 million.

Ola sold about 21,400 electric scooters in March – the last month of the fiscal year 2022/23.

Since it began sales in late 2021, Ola has become India’s e-scooter market leader with a 32 percent share, competing with Ather Energy as well as companies like TVS Motor and Hero Electric. It was valued at $5 billion (roughly Rs. 41,104 crore) last year and has raised nearly $800 million (roughly Rs. 6,576 crore) from investors since 2019.

Ola Electric earlier this year laid out aggressive projections internally, estimating its revenue will quadruple to $1.5 billion (roughly Rs. 12,331 crore) 2023-24, a year when it also plans to clock its first profit, Reuters reported last week.

But this was before India slashed government incentives in May on e-scooters, which analysts say will force Ola and others to redraw growth plans.

Despite the incentives cut, the company remains confident it can this year become operationally profitable – a key metric watched by potential IPO investors, according to one of the sources.

“Ola is a market leader in a short while … That’s what their existing investors are bullish on,” the person added.

Ola says it builds its e-scooters in the southern state of Tamil Nadu from “the world’s largest 2 wheeler factory” which has capacity to produce 10 million units a year. The company has been spending hundreds of millions of dollars in expand its factory and service centres.

© Thomson Reuters 2023

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

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 Justices Aniruddha Bose and Rajesh Bindal granted liberty to the two aggregators to request urgent hearing of their plea by the Delhi HC.

The bench, which stayed the May 26 order of the High Court, also recorded the Delhi government counsel’s submission the final policy will be notified before July-end.

The top court was hearing two separate petitions by the AAP government challenging the May 26 order of the High Court asking it not to take any coercive action against the bike-taxi aggregators until the final policy was notified.

The top court had in the last week sought a response from the Central government on both the pleas of Delhi government. 

Back in May, the Delhi government approved Motor Vehicle Aggregator Scheme 2023 to regulate cab aggregators and delivery service providers in the national capital. Some of the key highlights of the policy are mandatory panic buttons in taxis, integration with emergency number ‘112’, and phase-wise transition to EVs.

The Motor Vehicle Aggregator Scheme 2023 will be applicable to any individual or entity that operates, on-boards or manages a fleet of motor vehicles through digital or electronic means or any other means to ferry passengers or connect a driver offering to deliver or pick up a product, courier, package or parcel with a seller, e-commerce entity or consignor.

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Ola Electric Said to Hold Investor Meet on IPO Plans From Next Week

India’s Ola Electric will hold talks next week with investors in Singapore and the United States on its planned stock market listing, the first of a series of meetings for its up to $1 billion (nearly Rs. 8,250 crore) IPO, two sources with direct knowledge said.

The sources said Ola, which makes electric scooters and is backed by investors such as SoftBank and Temasek, has plans to raise between $600 million (nearly Rs. 4,950 crore) and $1 billion in its initial public offering (IPO), which is planned for late 2023.

With the IPO still some way off, Ola is embarking on investor meetings earlier than usual to explain the business potential of India’s nascent EV market.

Ola’s founder and CEO Bhavish Aggarwal will travel to Singapore, United States and United Kingdom over the next two weeks, said the two sources, who declined to be named as the plans are confidential.

Aggarwal plans to meet investors, including BlackRock, Singapore’s sovereign wealth fund GIC, and mutual funds such as T Rowe Price, the first source said.

“EVs are still an emerging space and while there are some global parallels, it is an even newer story in India. So Bhavish wants to take the extra time to create comfort for investors,” said the first source.

Ola Electric declined to comment. BlackRock, GIC and T Rowe Price did not respond to Reuters’ requests for comment.

Reuters is the first to report details of Ola’s planned investor meetings.

India is one of the world’s biggest automotive markets with a small but fast-growing EV segment. Ola says it is the market leader in India in e-scooters, selling around 30,000 a month, priced around $1,600 (nearly Rs. 1,32,000) each.

Ola Electric is likely to file regulatory papers on the IPO for approval by August, the two sources said.

The investor meetings will focus on Ola’s scooter business, its growth prospects and valuation, which is expected to be more than $5 billion, the sources said.

Ola competes with other startups and bigger companies like TVS Motors, Ather Energy and Hero Electric, which are ramping up their EV scooter plans.

It has also appointed Bank of America as one of its lead managers on the IPO, in addition to Goldman Sachs, Citi and local banks Kotak, Axis and ICICI Securities.

Bank of America, whose appointment has not been previously reported, did not respond to a query seeking comment.

© Thomson Reuters 2023

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

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 take action in case of violations by these operators and a licence could change that situation.

Acting on a directive of the Supreme Court, the ride-hailing service firms have applied for aggregator licences at Mumbai’s Tardeo RTO, which has jurisdiction over the entire island city, the official said.

Bharat Kalaskar, regional transport officer from Tardeo RTO, told PTI that they received applications from Ola and Uber for aggregator licences 3-4 days ago.

The applications are under scrutiny and will be subsequently put up to the Mumbai Metropolitan Region Transport Authority (MMRTA) for a final decision about granting the licence, he said.

Last month, the apex court had directed app-based taxi aggregators to apply for a licence by March 6 if they wanted to continue their operations in Maharashtra.

Though Ola did not respond to PTI’s queries regarding the application, an Uber spokesperson confirmed submission at the RTO.

“Uber has applied well within the deadline set by the apex court,” said the spokesperson.

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

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 ride-hailing companies like Uber and rival Ola, are being finalised and will be rolled out soon, the Economic Times reported earlier this week.

Reuters could not immediately confirm those plans.

If implemented, this would mark an aggressive step towards the country’s ambitions to ramp up the transition to vehicles that run on clean energy to reduce oil imports and curb pollution.

Uber, in a blog post, said any such move would put at risk the livelihood of over 100,000 drivers in the city.

“Steep and infeasible EV mandates risk finishing off the sector as we know it. The impact of such a decision on the livelihoods and mobility needs of millions of Delhiites is clear,” San Francisco-headquartered Uber said, urging the government to initiate industry dialogue.

Uber has set a 2040 target for 100 percent of its rides to be in zero-emission vehicles, public transport or with micro-mobility, including in India.

Earlier this month, Uber announced plans to introduce 25,000 EVs over three years in India. Electric cars will however still be a fraction of Uber’s current overall active fleet of 300,000 vehicles in India.

On Sunday, the Delhi government in newspaper ads said digital platforms offering two-wheeler bike taxi rides should not do so as it violates certain existing transport rules.

Uber, which offers bike rides in Delhi and many other states in India, did not respond to a Reuters request for a comment on the advertisement.

© Thomson Reuters 2023

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

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 Technologies and Ola Cell Technologies, drawn to the growing demand for EVs in India.

The company’s cumulative production numbers topped 100,000 in November, and it plans to annually make 140,000 cars and hire 3,111 workers in Tamil Nadu through the new investment. Ola already manufactures e-two wheelers in the state.

In September, Ola said it was looking to expand into Latin America, ASEAN and European Union countries after entering India’s neighbour Nepal first.

Tamil Nadu, which accounts for nearly a third of the country’s automotive exports, is looking to boost EV manufacturing and is waiving road tax, registration charges and permit fees for EVs, according to a policy unveiled this week.

On February 9, Ola founder and CEO Bhavish Aggarwal said that Ola Electric will open 500 experience centres across India by March. The firm, currently has 200 experience centres in India and is planning to launch an electric bike, according to a PTI report.

Earlier this week, the Tamil Nadu government became the latest state to unveil its electric vehicle (EV) policy for 2023 which aims to garner investments to the tune of Rs. 50,000 crore and generate 1.50 lakh jobs, in a boost to the EV industry.

The policy was launched in the backdrop of the government expecting battery operated vehicles to play a crucial role in the electrification of last mile connectivity.

During the last five years, the state has transformed into a leading EV manufacturing hub with new entrants including Ather Electric and Ola Electric having set up their production facilities in Tamil Nadu.

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Zomato Co-Founder, Chief Technology Officer Gunjan Patidar Quits Company

Online food delivery platform Zomato said its co-founder and Chief Technology Officer Gunjan Patidar resigned from the post on Monday.

Patidar was one of the first few employees of Zomato and built the core tech systems for the company, it said in a regulatory filing.

“Over the last ten plus years, he also nurtured a stellar tech leadership team that is capable of taking on the mantle of leading the tech function going forward. His contribution to building Zomato has been invaluable,” the company said.

It, however, did not disclose reasons for his resignation.

In November last year, another co-founder of the company, Mohit Gupta, had resigned. Gupta, who had joined Zomato four-and-half years back, was elevated to co-founder in 2020 from the position of CEO of its food delivery business.

Zomato had witnessed some top level exits last year, including those of Rahul Ganjoo, who was head of new initiatives, and Siddharth Jhawar, the erstwhile vice-president and head of Intercity, and co-founder Gaurav Gupta.

On the other hand, in the recent Fairwork India Ratings 2022 Report, Zomato scored 4 out of 10 on the basis of providing fair working conditions for gig workers. The ratings were decided based on the assessment of several online platforms against five principles: Fair Pay, Fair Conditions, Fair Contracts, Fair Management, and Fair Representation. 

The report evaluated 12 platforms offering location-based services in sectors such as domestic and personal care, logistics, food delivery, e-pharmacy, and transportation, in India. These platforms included Amazon Flex, Big Basket, Dunzo, Flipkart, Ola, PharmEasy, Porter, Swiggy, Uber, Urban Company, Zepto and Zomato.

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

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 initiated if autos were found violating the order.

The government had contended that auto-rickshaws were not covered under the license issued under the Karnataka On-Demand Transportation Technology Aggregator Rules in 2016.

ANI Technologies Private Limited, which is offering service through Ola app, and Uber India Systems had challenged this before the High Court in two separate petitions.

Justice M G S Kamal, who heard the petitions on Thursday, suggested that the authorities and the companies arrive at a compromise and make a common submission.

The government had agreed to talk to the aggregators.

On Friday, the Karnataka High Court directed that the government take into account the suggestions of all stakeholders while deciding the fare within 15 days.

The High Court also directed that no coercive steps would be initiated against the aggregators till the fare is fixed. The hearing of the case was adjourned.

Last week, the Karnataka government directed the app-based cab aggregators like Ola, Uber and Rapido to stop their ‘illegal’ auto-rickshaw hailing services in the city with immediate effect, citing violation of norms.

The action came after many passengers complained of being overcharged by the auto-rickshaws operating under apps like Ola and Uber.

The Karnataka State Road Transport Authority issued a notice to the companies last Wednesday, in which it stated that the cab aggregators have been allowed to run the internet-based application taxi aggregator services under the Karnataka On-Demand Transportation Technology Aggregators Rule-2016.

As per the rules, only taxi services can be provided and taxi means a motor-cab having a seating capacity not exceeding six passengers excluding the driver with public service permit on contract, the order said.

 

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Hero’s First Electric Scooter Hero Vida Launched, Bookings to Begin From October 10

India’s Hero Moto, the world’s biggest motorcycle maker by sales, launched its first electric scooter worldwide on Friday as it looks to catch up with newer businesses that have taken the lead in the shift to cleaner transport.

Like some other legacy automakers in India, Hero has been a laggard in launching electric two-wheelers, giving startups such as Ather Energy, which is backed by Tiger Global, and Softbank Group-backed Ola Electric a first-mover advantage.

“While it may have been our wish to launch this product earlier than we have, we had to get it absolutely right for the greater good of everyone,” Chairman Pawan Munjal told reporters at the launch event in Jaipur.

India wants e-scooters and e-bikes to make up 80 percent of total two-wheeler sales by 2030, from about 2 percent today.

While sales are accelerating as people move away from gasoline scooters in the face of rising fuel prices, a recent spate of electric scooters catching fire have raised concerns over safety, jeopardising consumer confidence.

There are concerns this could derail growth of a sector that is key to the country’s carbon reduction goals.

Prices for Hero’s debut model, Vida Plus, will start at Rs. 1,45,000 rupees — higher than most electric scooters in India — and it will have a minimum range of 143kms on a single charge, similar to Ather.

The company has made a string of investments in electric vehicle startups. In September, Hero said it would invest $60 million (nearly Rs. 500 crore) in California-based Zero Motorcycles to jointly develop electric motorcycles. In January, it announced an investment of more than $56 million (nearly Rs. 460 crore) in Ather and in 2021 it partnered with Taiwan’s Gogoro for its battery sharing infrastructure.

Hero will start taking bookings on October 10 and deliveries will begin in December.

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Uber, Ola CEO Bhavish Aggarwal Refute Merger Report

The rumoured merger would represent a huge shakeup for taxi aggregators in India

By Reuters | Updated: 29 July 2022 22:46 IST

Uber Technologies Inc and its Indian rival Ola on Friday denied a media report that the ride-hailing firms were in talks for a merger. An Economic Times report said that Ola Chief Executive Bhavish Aggarwal had met top Uber executives in San Francisco, United States, citing two sources.

“That report is inaccurate. We are not, nor have we been, in merger talks with Ola,” Uber said in a statement.

Ola’s Aggarwal tweeted, “Absolute rubbish. We’re very profitable and growing well. If some other companies want to exit their business from India they are welcome to! We will never merge.”

Absolute rubbish. We’re very profitable and growing well. If some other companies want to exit their business from India they are welcome to! We will never merge. https://t.co/X3wC9HDrnr

— Bhavish Aggarwal (@bhash) July 29, 2022

The two companies have been slugging it out in an intensely competitive Indian market and have spent billions in incentives and discounts to passengers.

Uber sold its local food delivery business Uber Eats to Zomato Ltd in January 2020, while Ola shut down its grocery delivery business and has of late invested billions of dollars in its electric vehicle venture, Ola Electric Mobility.

© Thomson Reuters 2022

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