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Ola user books ride for Rs 730, gets bill of Rs 5194 when trip ended.
IndianStartupNews
·
1y ago
Medial
A recent incident in Bengaluru has highlighted potential glitches in ride-hailing apps like Ola. Anurag Kumar Singh, a college student, booked a ride for Rs 730, but upon reaching his destination, the fare jumped to Rs 5,194. Singh discovered that his trip had been canceled in the app without his knowledge. Despite raising the issue with Ola, he struggled to get a satisfactory response. This incident raises concerns about the reliability and transparency of ride-hailing services.
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Man gets ₹7.6-crore bill on Uber after completing ₹62 auto-rickshaw ride in Noida
Internet
·
1y ago
Medial
A man got a bill of ₹7.6 crore on Uber after completing ₹62 auto-rickshaw ride in Noida. After the man completed his ride, the total fare came to ₹7,66,83,762 including trip fare of ₹1,67,74,647 and waiting time fees of ₹5,99,09,189. Uber apologised to the customer and stated that they are looking into the issue.
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Couple gets ₹1-crore bill for 10-km Uber Auto ride in Bengaluru
Inshorts
·
1y ago
Medial
A Hyderabad couple got an Uber Auto bill of over ₹1 crore in Bengaluru after taking a 10-km ride. Sriraj Nilesh said he and his wife got the bill for a ride from KR Puram to Koramangala, after which they were informed about a technical glitch by Uber. A Noida man earlier got a ₹7.6 crore bill on Uber Auto.
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EaseMyTrip reports 22% decline in net profit to Rs 26Cr
IndianStartupNews
·
1y ago
Medial
Easy Trip Planners Limited, which operates an online travel ticket booking platform, couldn't sustain its profit growth as it has reported a 21.82% decline in net profit from Rs 33.6 crore in Q1FY23 to Rs 26.2 crore in Q1FY24 that ended June 30, 2023.
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Journalist pays ₹4,200 for 5 km Uber trip in US, CEO Khosrowshahi reacts
Hindustan Times
·
2y ago
Medial
Uber CEO Dara Khosrowshahi expressed surprise when a journalist paid $51.69, including the driver's tip, for a 2.95-mile trip in the US. In response to the pricing, Khosrowshahi cited inflation and higher time and labor costs as reasons for the expensive fare, noting that overall expenses have increased, resulting in elevated ride prices.
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Ola gets a breather after sharp valuation cut ahead of planned IPO
VCCircle
·
1y ago
Medial
Ola, an Indian ride-hailing company, has received a slight boost in valuation from one of its investors after facing a sharp cut in its valuation last year. The private equity-backed cab aggregator has recently seen a marginal increase in its value, providing some relief for the company. This comes as Ola prepares for its planned Initial Public Offering (IPO).
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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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Ola reports consolidated revenue of Rs 1,970 crore; losses mount to Rs 1,522 crore
Money Control
·
2y ago
Medial
Ola reports consolidated revenue of Rs 1,970 crore while incurring losses of Rs 1,522 crore. The ride-hailing company's financial data underscores the ongoing challenges in achieving profitability within the competitive ride-sharing industry. Despite significant revenue, mounting losses highlight the need for sustainable business strategies and cost management to navigate the complex dynamics of the transportation sector.
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Ola launches all-electric parcel services in Bengaluru
Money Control
·
1y ago
Medial
Ride-hailing company Ola has introduced its parcel delivery service, 'Ola Parcel', in Bengaluru using electric scooters. The service will charge Rs 25 for 5km, Rs 50 for 10km, Rs 75 for 15km, and Rs 100 for 20km. Ola plans to expand the service across India in the coming months. The intra-city parcel delivery market already has players like Porter, Swiggy Genie, Uber, and Dunzo. Ola's rival, Uber, also launched its parcel delivery service called 'Uber Connect' last year.
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Ola Electric’s CBO Ankush Aggarwal joins Ola Financial Services as CEO
Entrackr
·
1y ago
Medial
ANI Technologies, the parent company of ride hailing company Ola, has appointed Ankush Aggarwal as the chief executive officer of Ola Financial Services. His appointment comes on the backdrop of resignation of Hemant Bakshi as CEO of the ride hailing business. Bakshi was leading the mobility business along with a focus on key businesses such as financial services, logistics, and e-commerce. As per an ET report, Ankush Aggarwal will be a part of the senior leadership of Ola Cabs. In March 2022, Ankush Aggarwal (brother of Ola’s founder Bhavish Aggarwal) sold his startup Avail Finance to ANI Technologies for about $50 million in a share swap deal. After the deal, he joined Ola Electric, a separate company founded by Bhavish Aggawral, as the chief business officer (CBO). While Ola is yet to name the new chief executive of the ride hailing business, Bhavish Aggarwal will look after the day-to-day operations of the company. Entrackr has reached out to Ola for comment. Earlier this year, Ola announced that it had turned EBITDA profitable in FY23. During the period, its revenue jumped 42% to Rs 2,799 crore as compared to Rs 1,970 crore in FY22. The firm managed to cut down its losses by nearly 50% to Rs 772 crore during FY23 against Rs 1,522 crore in the previous year. Also Read: Startups rope in new CEOs amid cash crunch, layoffs, profitability and IPO plans Ola Money, which is operated by Ola Financial Services, recorded Rs 85.5 crore revenue with a loss of Rs 54.6 crore while the cab leasing firm Ola Fleet Technologies’ revenue stood at Rs 189.9 crore with Rs 387.6 crore loss in FY23. Last month, Ola announced that it is rolling back its services from international markets such as the UK, Australia and New Zealand. The move is likely due to its shift in attention towards launching an initial public offering. As per media reports, Ola is gearing up for the IPO and has finanlised book running lead managers for going public.
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Ola Consumer achieves profitability in mobility, financial services in FY24
Economic Times
·
5m ago
Medial
Ola Consumer achieved profitability in its mobility and financial services segments for the fiscal year ending March 2024. Despite a revenue drop from Rs 3,000 crore in FY23 to Rs 2,368 crore, the company reported a threefold increase in Ebitda to Rs 271 crore, excluding discontinued operations. This marks significant financial improvement for Ola, as it prepares for public market entry, driven by strong performance in ride-hailing and financial services businesses.
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