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News on Medial
Not enough cabs to meet rising demand: Uber India president
Economic Times
·
11m ago
Medial
Ride-hailing platforms in India are experiencing a shortage of vehicles to meet the increasing demand from consumers. Prabhjeet Singh, president of Uber India and South Asia, attributed this supply shortage to high ownership costs for drivers. Despite this, the ride-hailing segment in India is growing rapidly. Singh also mentioned that India's commercial registration requirement for taxis acts as a barrier for more drivers to enter the space. Uber continues to invest in new products and services in India, given its importance to the company's global portfolio. Advertising is seen as a potential ancillary revenue stream for Uber in the long term.
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Related News
Uber partners with government-backed ONDC; here's what the CEO said
IndianStartupNews
·
1y ago
Medial
Uber has partnered with the Indian government-backed Open Network for Digital Commerce (ONDC) to expand its mobility services in India. Through the partnership, Uber plans to introduce intercity bus and metro rail ticketing as initial steps towards diversifying its offerings on its app. The collaboration aims to democratize digital commerce and make mobility solutions accessible to every Indian. Currently operating in 125 cities in India, Uber faces competition from Ola Cabs and Rapido. India is a crucial market for Uber, and the company is continually working to expand its services to meet the demands of Indian consumers.
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IAMAI calls for consultation on uniform cab fares in Karnataka
Economic Times
·
1y ago
Medial
The Internet and Mobile Association of India (IAMAI) has requested an industry-wide consultation on the uniform fare structure for cabs mandated by the Karnataka government. IAMAI argues that the fixed fares would have a negative impact on the state's mobility ecosystem. They also suggest that aggregator taxis should not be subject to the same fare rules as traditional taxis due to the additional services they provide. IAMAI has proposed dynamic pricing to better match rider demand and driver supply. Ola, Uber, and Rapido, the major players in the ride-hailing industry, are members of IAMAI.
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LIC hopes to decide on health insurer stake buy by March-end: CEO
VCCircle
·
4m ago
Medial
Life Insurance Corporation of India (LIC) aims to decide on acquiring a stake in a health insurance company by March-end, announced CEO Siddhartha Mohanty. Not seeking a majority stake, LIC is exploring the health insurance market to meet rising competition and growing consumer demand. Additionally, LIC is in discussions with the Reserve Bank of India about issuing longer-term bonds, such as 50-year or 100-year bonds, beyond currently available maturities.
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Why Ola’s Path To Green Mobility Is Full Of Twists And Turns
Inc42
·
1y ago
Medial
Ola Cabs, a major ride-hailing company in India, has been slow to make progress in transitioning to electric mobility and has faced increased competition in the EV segment. While Ola Electric, a subsidiary of Ola Cabs, was established in 2017, the company has yet to achieve any significant milestones in its quest for an electric fleet. In contrast, competitors like Uber India and other emerging players such as BluSmart and Evera Cabs have already deployed thousands of electric vehicles. Ola's past initiatives, such as "Mission: Electric," have not come to fruition, and the company's current CEO, Hemant Bakshi, has offered limited clarity on its green mobility plans. Nevertheless, Ola aims to expand its electric vehicle offerings beyond two-wheelers to include three-wheelers, cars, and e-buses. However, Ola Electric's timeline for new products may not align with Ola Cabs' ambitions. Ola Electric plans to launch electric auto-rickshaws in the coming months, which could be integrated into Ola Cabs' fleet. The company also intends to enter the electric car market eventually but may need to partner with fleet operators and other original equipment manufacturers in the meantime. Ola's focus on scaling up its electric two-wheeler ride-hailing vertical is driven by the belief that state governments are more likely to favor two-wheelers over traditional internal combustion engines. However, Ola faces competition from established players such as Yulu and Rapido, as well as Uber's emphasis on Uber Moto. Ola still has to overcome challenges such as unit economics and profitability while catching up with existing rivals.
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Adani to partner with Uber? Gautam Adani hints after meeting with Uber CEO Dara Khosrowshahi
IndianStartupNews
·
1y ago
Medial
Uber CEO Dara Khosrowshahi met with Indian billionaire Gautam Adani, who praised Uber's expansion in India and hinted at collaboration. Khosrowshahi also met with Indian ministers and discussed initiatives for sustainable transportation and driver welfare. The post by Adani received positive responses, with some questioning the need for a partnership. Uber has partnered with ONDC to expand its services in India. Despite facing competition from Ola Cabs and Rapido, Uber is committed to offering safe and reliable transportation options in the country, acknowledging India as a challenging market.
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Micron Tech beats revenue estimates on AI chip demand; shares fall after run-up
Economic Times
·
1y ago
Medial
Micron Technology reported better-than-expected third-quarter revenue due to strong demand for its memory chips. However, its fourth-quarter forecast disappointed investors, causing the company's stock to drop 7.2% after hours. While Micron's forecast was largely in line with expectations, it was not enough to meet the high hopes of investors, especially considering the company's strong performance in the AI market. Micron is a major provider of high-bandwidth memory chips used in advanced AI systems and is benefiting from the increasing demand for semiconductors. Its results are seen as an indicator of chip demand and market trends.
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Vedanta targets global EV market: Plans to expand nickel, nickel sulphate production | Mint
Livemint
·
11m ago
Medial
Indian conglomerate Vedanta plans to increase its production of nickel and nickel sulphate to meet the growing demand for electric vehicle (EV) battery materials in Northeast Asia. Although specific production and investment figures were not disclosed, Vedanta aims to leverage its position as a major player in the nickel market and capitalize on rising demand for nickel products in the region. The company also urged the Indian government to negotiate changes to trade agreements with Japan and South Korea to eliminate import duties on nickel sulphate. India is looking to increase its exports, with a goal of reaching $1 trillion by 2030.
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Karnataka issues uniform fare structure for cab aggregators
Economic Times
·
1y ago
Medial
The Karnataka government has implemented a uniform fare structure for aggregator-operated cabs, including popular platforms like Uber and Ola. Under the new structure, fares will be distance-based depending on the cost of the vehicle, eliminating the differentiation between ride-hailing cabs and city taxis. The minimum fare for vehicles costing up to Rs 10 lakh is set at Rs 100 for 4 km, with additional charges of Rs 24 per km. Operators will also be allowed to charge additional fees for luggage. Surge pricing will not be permitted under the new regulations.
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AI firm Databricks 'doubling down' on investment in India
Economic Times
·
1y ago
Medial
Data and AI company Databricks has announced its plans to increase investments in India due to the rising demand for data and AI solutions in the country. The company has experienced a surge in demand from various industries including FSI, retail, manufacturing, and digital natives. Databricks recently launched its infrastructure on Google Cloud and expanded its Indian go-to-market and R&D teams to meet the growing demand. The company established its R&D hub in Bengaluru last year.
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Air India Express starts six new daily flights; check details here | Mint
Livemint
·
11m ago
Medial
Air India Express has added six new daily flights to its domestic network, including routes from Kolkata, Chennai, and Guwahati. The newly introduced flights include destinations such as Varanasi, Guwahati, and Jaipur. These routes are either new or have been expanded to meet the increasing demand. For instance, the Chennai-Thiruvananthapuram route now has a total of nine flights per week from the previous two, due to rising demand. The Guwahati-Jaipur flight is exclusively served by Air India Express.
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