Ola
Founded in 2010 by Bhavish Aggarwal and Ankit Bhati, Ola is a ride-hailing and mobility service company. Headquartered in Bengaluru, it serves over 250 cities across India, Australia, New Zealand, and the UK.
It ventured into its first overseas market in Australia in January 2018, followed by New Zealand in September, and then the UK in 2019.
The Ola mobile application allows users to sign up using their mobile numbers, set up their accounts and access all its features, which include, booking rides, buying their electric vehicle products, and insurance.
In 2019, the company launched Ola Bike, which offers bike taxi services for short-distance travelling. And in 2020, it launched Ola Fleet which caters to corporate travel and employee transportation.
The company has raised $5 billion in funding across 29 rounds. Its investors include SoftBank, Steadview Capital, and Temasek Holdings, among others.
In 2017, Aggarwal launched Ola Electric, which unveiled its first electric scooter Ola S1 in August 2021, soon after the announcement of its construction of the world's largest electric scooter manufacturing plant in Tamil Nadu, India.
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Daily Capsule
Waste management done right; Inside Krutrim's inaugural FY
Team YS | November 23, 2024
ReCircle—a data and supply chain company—is working on digitising India’s waste supply chain and monetising the data that flows through this supply chain. In its inaugural financial year, Krutrim—Bhavish Aggarwal’s AI venture and India's fastest unicorn—reported no revenue from operations.
Logistics
BlackBuck app owner Zinka Logistics closes 7% lower on listing day
Sai Keerthi | November 22, 2024
The BlackBuck app owner listed at a premium of over 2% when markets opened for trading today.
Electric Vehicle
Simple Energy reports widening losses as expenses rise in FY24
Sai Keerthi | November 22, 2024
The EV-maker also reported a revenue from operations of Rs 6.57 crore in FY24 as opposed to no revenue from operations being recognised in FY23.
Electric Vehicle
Ola Electric to lay off 450-500 employees in restructuring exercise
Sai Keerthi | November 22, 2024
The EV-maker is reportedly undertaking laying off in means to quicken the company’s target to reach profitability.
Funding
Mayank Bidawatka’s Billion Hearts raises $4M in seed funding round led by Blume Ventures
Bhuvana Kamath | November 20, 2024
The funding follows an earlier angel round of ~$250K from prominent startup builders, including those who have built startups such as redBus, Ola, InMobi, Flipkart, and Myntra.
Daily Capsule
What's happening in WazirX hack case; Mamaearth slips into red
Team YS | November 15, 2024
In August, over a month after the $234 million WazirX heist, the Intelligence Fusion and Strategic Operations (IFSO) of Delhi Police arrested one individual, a chargesheet filed on the initial findings viewed by YourStory shows.
News
Rapido sees 2.5X growth in gross order value in Q2, revenue rises 46% in FY24
Sai Keerthi | November 14, 2024
Ride-hailing platform Rapido reported its second quarter GOV of Rs 2,461 crore compared with Rs 977 crore in the year-ago period.