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News on Medial
New ride-hailing apps racing Uber, Ola for mobility business
Economic Times
·
1y ago
Medial
The article discusses the emergence of new ride-hailing apps in India, such as InDrive, Namma Yatri, Yaary, BluSmart, and Rapido, which aim to address customer service and driver-partner satisfaction gaps left by larger players like Uber and Ola. While the incumbents have made efforts to address service issues, the new apps are attempting to scale and compete. The article also mentions initiatives to reduce driver churn and competition in the auto rickshaw category through partnerships with unions and the government-backed Open Network for Digital Commerce. However, concerns over future plans and union involvement have arisen.
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Ola, Uber most data-hungry taxi apps in India, Rapido least: Report
Business Today
·
5m ago
Medial
A report reveals that Ola and Uber are the most data-intensive taxi apps in India, whereas Rapido collects the least data. Around 30% of ride-hailing apps, including Uber and Ola, use user data for third-party advertising. Globally, GrabTaxi and Yandex Go, along with Uber, rank as the most data-hungry, while apps like Rapido and TaxiEU gather less. Sensitive data such as race, sexual orientation, and biometrics are also collected by Uber and Lyft.
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BluSmart spent Rs 98 Cr to make Rs 29 Cr in FY22
Entrackr
·
2y ago
Medial
BluSmart Mobility, an EV ride-hailing service, and EV charging operator, claims to turn profitable by the end of the calendar year 2023. This confidence likely comes from consistent VC support (read large funding rounds), increasing demand for sustainable mobility options, and customer dissatisfaction with platforms like Uber and Ola.
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BluSmart, PhysicsWallah, SBI Caps, and Cred in news
VCCircle
·
3m ago
Medial
Electric mobility startup BluSmart plans to close its ride-hailing business and transition to becoming a fleet partner for Uber due to financial challenges and difficulties in securing new funding. The company has received shareholder approval to move its fleet of 700–800 cars to Uber as a part of this phased transition.
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Ola ceases operations in UK, Australian, and New Zealand markets
Entrackr
·
1y ago
Medial
Indian ride-hailing service provider Ola is exiting from the UK, Australia and New Zealand. The move comes nearly six years after it launched its services in these three markets. “Our ride hailing business is growing rapidly, and we remain profitable and segment leaders in India. The future of mobility is electric – not just in personal mobility, but also for the ride-hailing business and there is immense opportunity for expansion in India,” an Ola spokesperson said in a statement. “With this clear focus, we’ve reassessed our priorities and have decided to shut down our overseas ride-hailing business in its current form in the UK, Australia and New Zealand…,” the spokesperson added. Ola’s move is likely due to its shift in attention towards launching an initial public offering (IPO) for its electric vehicle arm, Ola Electric. In December 2023, Ola Electric filed its draft red herring prospectus (DRHP) with the Security Exchange Board of India (SEBI) for the IPO to raise Rs 5,500 crore ($660 million approximately). As per the company, it will utilize the primary proceeds for the expansion of the capacity of its cell manufacturing plant, repayment or pre-payment of the indebtedness, investment into research and product development, and general corporate purposes. Ola is among the few local ride-hailing companies that compete with Uber in the Indian market. The homegrown company is heavily funded too, and counts the likes of Bessemer Venture Partners, Temasek, and Accel as its marquee investors. Moreover, the IPO-bound electric vehicle arm recently raised 410 crore (approximately $50 million) via non-convertible debentures from EvolutionX. Meanwhile, Uber India witnessed a 54.46% increase in its revenue which crossed Rs 2,600 Cr during the fiscal year ending March 2023 but the firm’s losses rose 57% during the same period. Its overall expenditure stood at Rs 3,146 crore in FY23 as compared to Rs 2,146 crore in FY22.
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How upstarts are challenging the dominance of ride-hailing giants Ola and Uber
Economic Times
·
1y ago
Medial
The mobility-aggregator business is experiencing a resurgence, driven by new players challenging the dominance of Ola and Uber. These players include Rapido, Blu Smart, Drife, and Shoffr, offering attractive packages for drivers, lower prices, convenient booking options, and advanced ride booking features. The revival has also been observed in Ola and Uber, with Uber surpassing pre-pandemic volumes and Ola witnessing a 52% increase in overall rides. Newer entrants are filling the gap in markets where Uber and Ola are less strong, especially in airport and intercity service segments.
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Uber leads $100M investment in African mobility fintech Moove as valuation hits $750M
TechCrunch
·
1y ago
Medial
African mobility fintech company Moove has raised $100 million in a funding round led by Uber, the ride-hailing giant's first investment in an African startup. Moove offers vehicle financing to drivers working for ride-hailing and delivery apps. The funding will be used to expand Moove's revenue-based vehicle financing platform to 16 markets by 2025. The company plans to focus on expanding its fleet of electric vehicles and sustainable mobility solutions. Moove currently operates in Nigeria, South Africa, Ghana, the UK, India, and the UAE.
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Moove takes in $76M equity, debt from Mubadala and BlackRock at a $550M valuation | TechCrunch
TechCrunch
·
1y ago
Medial
Moove, an African mobility fintech that provides vehicle financing to drivers of ride-hailing platforms like Uber and other gig networks, has raised $78 Mobility fintech Moove raises a new round from Mubadala and BlackRock.
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Ola Cabs brings back Ankush Aggarwal to its ride-hailing biz
Economic Times
·
1y ago
Medial
Ankush Aggarwal, the brother of Ola Cabs founder Bhavish Aggarwal, has returned to the ride-hailing business after being involved with Ola Electric Mobility. As part of the senior leadership team at Ola Cabs, Ankush will serve as the CEO of Ola Financial Services. This move follows the exit of CEO Hemant Bakshi, and Bhavish Aggarwal is expected to take a more active role in leading the business towards profitability. Ola Cabs parent company ANI Technologies reported a loss of Rs 1,082 crore in FY23. The reshuffling comes amidst increased competition from rivals in the ride-hailing market.
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Namma Yatri starts cab service in Delhi NCR
Economic Times
·
1y ago
Medial
Indian ride-hailing platform Namma Yatri has launched its zero-commission cab services, branded as 'Yatri', in Delhi NCR. The platform aims to compete with Uber and Ola by not charging subscription fees or commissions until March 2026 for its electric auto rickshaws and cabs. Yatri offers various types of cab services at competitive prices and operates on a lifetime zero-commission policy. The company, along with its family of mobility apps, operates on the Open Network for Digital Commerce (ONDC) platform and follows a zero-commission model.
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Ola Claims India Mobility Biz Turned EBITDA Positive In FY23, Appoints Hemant Bakshi As CEO
Inc42
·
1y ago
Medial
Indian ride-hailing company Ola announced the appointment of Hemant Bakshi as the new CEO of Ola Mobility and revealed its plans for aggressive growth in various sectors. Ola's India mobility business achieved positive EBITDA of INR 250 Cr in FY23, compared to an EBITDA loss of INR 66 Cr in the previous year. The company reported a 58% increase in revenue for its India mobility arm, reaching INR 2,135 Cr. Earlier this month, Ola's parent company, ANI Technologies, reported a 50% reduction in consolidated net loss for FY23.
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