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<keyword id="19956271" type="General" weightage="20" keywordseo="Ola-Electric-Mobility" source="keywords" meta.keywordsubtype="org" meta.entityname="Ola Electric Mobility" meta.hostid="261" meta.entityid="Ola Electric Mobility">Ola Electric Mobility</keyword> on Wednesday reported a higher consolidated loss of Rs 347 crore for the April-June quarter compared to the year-ago period. The company's losses in the April-June period of 2023 were Rs 267 crore, according to an exchange filing. Revenue from operations for the quarter under review was Rs 1,644 crore against Rs 1,243 crore in the same quarter of the previous fiscal, according to the filing. The Bengaluru-based firm said its total expenses during the first quarter grew to Rs 1,849 crore compared with Rs 1,461 crore in the June quarter of FY24. The company made its market debut earlier this month. The company in a statement said its automotive segment (E2W) posted a strong improvement in EBITDA (earnings before interest, tax, depreciation and amortization) margin and is close to EBITDA breakeven. The quarter witnessed the highest-ever deliveries of vehicles by the company at 1,25,198 units as against 70,575 units delivered in the same period last year, <keyword id="4393078" type="General" weightage="20" keywordseo="Ola-Electric" source="Orion">Ola Electric</keyword> Mobility said. The company also said it ramped up deliveries of its mass-market scooter portfolio (S1 X portfolio) during the quarter which helped accelerate the growth, adding that the existing product portfolio also saw strong demand which continued growth momentum throughout the quarter. According to Ola, the increasing scale of operations has benefited the company in the form of lower manufacturing costs and supply chain optimization. These benefits of scale are further amplified by the company's scalable platform-based product development and manufacturing technology that results in high degrees of commonality across its products, it said. The company also announced on Wednesday the integration of its cells in its vehicles by the first quarter of next fiscal. Ola said it will launch its electric motorcycle portfolio across mass and premium segments during its annual flagship event on August 15, 2024. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-9-pro-fold-launched-in-india-at-172999-but-you-cant-get-your-hands-on-it-right-now/articleshow/112517193.cms">Google Pixel 9 Pro Fold launched in India at ₹1,72,999, but you can’t get your hands on it right now</a> <a href="https://www.businessinsider.in/tech/mobile/news/pixel-9-pixel-9-pro-and-pixel-9-pro-xl-launched-in-india-starting-at-79999/articleshow/112512198.cms">Pixel 9, Pixel 9 Pro and Pixel 9 Pro XL launched in India starting at ₹79,999</a> <a href="https://www.businessinsider.in/stock-market/news/ipo-scam-two-victims-from-hyderabad-lose-over-11crore-in-fake-ipo-scams/articleshow/112488051.cms">IPO scam – Two victims from Hyderabad lose over ₹11 crore in fake IPO scams</a>

Ola Electric Mobility losses widen to ₹347 crore in Apr-Jun quarter

Ola Electric is cutting 500 jobs across verticals and levels as part of a restructuring exercise, according to people aware of the development. The company, which has come under the scanner for its poor aftersales service recently, had started the job cut in the September quarter. "It has been going on for some time now, starting around July. It has been a gradual process of removing redundant roles across verticals and levels," said a source. The exercise is expected to be completed by the end of this month. Ola Electric is looking to optimise workforce with an aim to improving margins and enhance profitability, the person added. Earlier this month, Central Consumer Protection Authority (CCPA) had ordered a detailed probe into complaints related to alleged "deficiencies" in services and electric two-wheelers manufactured by Ola Electric. Last month, the company had said that out of 10,644 complaints received from CCPA, it has resolved 99.1 per cent of the complaints.

Ola Electric cuts 500 jobs across verticals

New Delhi, Nov 28 () Ride-hailing major Ola is undertaking a restructuring exercise ahead of its planned IPO and the move could impact up to 250 roles, according to sources.
 The company, which has been focussing on profitability along with building up scale as it expands into international markets, will accommodate some of these employees in other business units like food, electric and financial services, sources close to the development said
 When contacted, an Ola spokesperson said the company's "organisational redesign aims to rightsize all our operations as well as leverage skills sets and experience of mobility employees in available positions in new business verticals".
 The spokesperson, however, did not comment on the number of employees that could be impacted by the exercise.
 Ola is estimated to have about 4,500 people on its payrolls.
 "The resultant working model will form the foundation of the next chapter in Ola's growth journey as the company continues to grow its businesses. We also continue to attract the best talent across the board to support our growth and ambition," the spokesperson said.
 The spokesperson added that the restructuring is aimed at becoming "more nimble and have a sharper focus on growth and profitability".
 The development comes at a time when Ola, which is locked in a battle for market leadership in the Indian market against American rival Uber, narrowed its standalone losses in FY19 to Rs 1,160.27 crore from Rs 2,676.70 crore in the last financial year.
 ANI Technologies (which runs Ola) saw its total income rising close to 16 per cent to Rs 2,155.21 crore in FY19 from Rs 1,860.61 crore in the previous fiscal, as per regulatory documentrs filed with the Corporate Affairs Ministry.
 Its employee benefits expense has been lowered to Rs 413.83 crore in FY19 from Rs 495.69 crore in FY18.
 These are standalone numbers of ANI Technologies and do not include financials of other group entities like OLA Fleet Technologies, Ola Financial Services (Ola Money), Ola Electric Mobility, and international operations.
 Sources said Ola is looking at listing on Indian bourses in the next 18-24 months, and profitability would be an important criteria for the process.
 Ola can get listed on the BSE and NSE either directly or via Securities and Exchange Board of India-regulated Innovator's Growth Platform (IGP) for SMEs and startups.
 An IPO will help Ola investors like SoftBank, Tiger Global and Steadview Capital to exit or partially sell their stake in the company to return funds to their shareholders.
 Founded in 2011 by Bhavish Aggarwal and Ankit Bhati, Ola offers services in more than 110 cities and claims to have over 10 lakh driver-partners across cabs, auto-rickshaws, and taxis on its platform. In 2018, Ola forayed into international markets like Australia, the UK and New Zealand. It competes with Uber in these markets as well. SR MR

Ola restructuring biz ahead of IPO, narrows losses

<keyword id="14403260" type="General" weightage="20" keywordseo="Shikharr-Sood" source="Orion">Shikharr Sood</keyword>, the head of <keyword id="6354720" type="General" weightage="100" keywordseo="ola" source="Orion">Ola</keyword>'s Talent Acquisition, and in charge of talent acquisition for the entire Ola Group, is now reportedly the latest executive to leave the firm. His resignation comes amid several resignations by top executives. Several former executives said that product complaints, unit closures, and 'act fast, think later' culture has led to recent Ola troubles, CNBC reported, adding that the company is yet to respond to the query on Sood's resignation. Meanwhile, a recent media report also said that the ride-hailing platform Ola is planning to lay off up to 500 employees across departments as it aims to cut costs and streamline operations amid the ongoing funding winter. Meanwhile, a recent report said that the ride-hailing platform Ola is planning to lay off up to 500 employees across departments as it aims to cut costs and streamline operations amid the ongoing funding winter. According to reliable sources, SoftBank-backed Ola has asked senior executives to find employees in their teams on a performance basis who can be asked to go. The company is reportedly looking at "leaner and consolidated teams" to keep its "strong profitability intact". Ola, which has delayed its IPO plans, has also reportedly shopped its global investment plans to further expand overseas. The company currently has nearly 1,100 employees in its core ride-hailing business and directly competes with Uber. Last month, Ola shut down its used vehicle business <keyword id="3295694" type="General" weightage="50" keywordseo="ola-cars" source="Orion">Ola Cars</keyword> as well as <keyword id="13052888" type="General" weightage="50" keywordseo="ola-dash" source="Orion">Ola Dash</keyword>, its quick-commerce business. The company shut Ola Cars within one year of its launch, as it focuses on its electric two-wheeler and electric car verticals. Ola has so far shut down <keyword id="2773874" type="General" weightage="50" keywordseo="ola-cafe" source="Orion">Ola Cafe</keyword>, food panda, Ola Foods, and now Ola Dash. Meanwhile, <keyword id="4393078" type="General" weightage="50" keywordseo="ola-electric" source="Orion">Ola Electric</keyword>, facing a government probe into battery fires along with other EV players, has also seen some high-profile exits in recent months. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/not-just-crude-gold-silver-and-even-wheat-and-edible-oil-prices-are-going-down-in-india/articleshow/92748130.cms">It’s not just crude, gold, silver and even wheat and edible oil prices are going down</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/retail/news/dmarts-growth-momentum-could-be-impacted-by-high-inflation/articleshow/92747965.cms">DMart has more stores and no disruptions like it wanted – and investors are excited</a>

Ola's talent acquisition head Shikharr Sood quits too

As Bhavish Aggarwal-owned <keyword id="6354720" type="General" weightage="100" keywordseo="ola" source="Orion">Ola</keyword> is aiming to ramp up its electric vehicle business, the ride-hailing platform is now planning to lay off around 1,000 employees. Media reports say that verticals like mobility, hyperlocal, fintech, and its used car operations have all been included in the process. Recently, a report said that Ola is laying off up to 500 employees across departments as it aimed to cut costs amid a challenging funding environment and a delay in listing plans. Senior executives at the SoftBank-backed company were reportedly tasked with identifying team members who can be asked to leave based on performance. The company aims at "leaner and consolidated teams" to keep its "strong profitability intact". The company had shut down its used vehicle business <keyword id="3295694" type="General" weightage="50" keywordseo="ola-cars" source="Orion">Ola Cars</keyword>, as well as its quick-commerce business, <keyword id="13052888" type="General" weightage="50" keywordseo="ola-dash" source="Orion">Ola Dash</keyword>, recently. It was shut down within one year of its launch, as the company shifted focus on its electric two-wheeler and car verticals. Ola is also facing flak over faulty batteries and fire incidents in its electric vehicles among other EV players like <keyword id="6077703" type="General" weightage="50" keywordseo="okinawa-autotech" source="Orion">Okinawa Autotech</keyword>, <keyword id="7583348" type="General" weightage="50" keywordseo="pure-ev" source="Orion">Pure EV</keyword>, among others. Several incidences of electric two-wheelers catching fire have recently occurred around the country, prompting companies to recall their vehicles. The company entered the EV space with a bang last year. Its electric scooters saw 1 lakh reservations in just 24 hours of opening of pre-launch bookings. However, cracks began to show up as delays in deliveries and missing features became synonymous with the brand. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/rectal-pain-penile-swelling-more-common-in-current-monkeypox-outbreak/articleshow/93208619.cms">Rectal pain, penile swelling more common in current monkeypox outbreak</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/battlegrounds-mobile-india-delisted-from-google-play-store-and-apple-app-store-in-india/articleshow/93195450.cms">BGMI delisted from Play Store and App Store after government order citing data sharing and mining in China: Report</a>

Ola likely to lay off nearly 1K employees to ramp up EV plans

New Delhi: <keyword id="19907577" type="General" weightage="20" keywordseo="shares" source="keywords">Shares</keyword> of <keyword id="19956271" type="General" weightage="20" keywordseo="ola-electric-mobility" source="keywords">Ola Electric Mobility</keyword> Ltd surged nearly 16 per cent on Friday morning after the <keyword id="21622893" type="General" weightage="20" keywordseo="Ola-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Ola Group" meta.hostid="261" meta.entityid="Ola Group">Ola Group</keyword> announced its foray into the <keyword id="20314533" type="General" weightage="20" keywordseo="electric-motorcycle" source="keywords">electric motorcycle</keyword> segment with the launch of three models and two more in the pipeline. The company also reported a jump in revenue from operations for the April-June quarter of 2024-25. The stock jumped 15.77 per cent to Rs 128.09 on the BSE. At the NSE, it soared 15.59 per cent to Rs 128.20. <keyword id="19897349" type="General" weightage="100" keywordseo="Ola-Electric" source="keywords">Ola Electric</keyword> Mobility on Wednesday reported a jump in revenue from operations in the April-June quarter of FY25 at Rs 1,644 crore against Rs 1,243 crore revenue recorded in the same quarter of the previous fiscal. The June quarter has been a "good quarter" in terms of growth and profitability, Chairman and CEO <keyword id="19914967" type="General" weightage="20" keywordseo="Bhavish-Aggarwal" source="keywords">Bhavish Aggarwal</keyword> said in a post-earnings call. Meanwhile, the group has rebranded its ride-hailing service as Ola Consumer, announced a partnership with Open Network of Digital Commerce (ONDC) and launched automated warehousing solutions to cater to quick commerce requirements. Besides, Ola said it will bring to the market the first indigenously designed and developed family of chips for AI, general computing and Edge by 2026 under its Krutrim venture. Speaking at Sankalp 2024 - Ola's annual launch event on Thursday, Ola Founder Bhavish Aggarwal said currently, two-thirds of India's two-wheeler market consists of motorcycles, and it was imperative for the company to enter the segment. "We have already been successful in accelerating the EV adoption in the scooter segment, and with our futuristic portfolio of products, we are now focused on supercharging the EV penetration through our motorcycles," he said. Aggarwal also said Ola's indigenously developed 'Bharat 4680' cell and battery pack will be integrated with its own vehicles starting in the first quarter of FY26. The company so showcased its all-new Gen-3 platform for two-wheelers. "Coupled with the integration of our cells in our vehicles starting early next year, we are determined to chart a new course for mass EV adoption across India," Aggarwal added.

Ola Electric shares surge nearly 16 percent

<ul><li>Ola is restructuring its organization as it heads for an IPO within 24 months, sources told Business Insider. </li><li>Its standalone losses in FY19 stood at ₹1,160.27 crore from ₹2,676.70 crore in the last financial year. </li><li>The ride-hailing company is also putting together governance committees, ethics committee as they head towards an IPO. </li></ul>Ola’s founder Bhavish Agarwal knows that investors on Dalal Street like leaner and meaner organisations. As the $5.7 billion company prepares to raise money from the capital markets, it is laying off people, optimising teams , and adding top executives to put out an attractive offer in two years. The restructuring would mean 5-8% of its 4,500 employees on rolls will either lose jobs or be reassigned to other teams. Less than 250 employees will be let go, a source told Business Insider. Not just that, it is also cutting down on losses as Indian investors prefer to invest in companies that are not in the red. That is work-in-progress for this 9 year old startup. In the last financial year ending March 2019, its standalone losses were at ₹1,160 crore-- which is half of the ₹2,676.7 crore year before. “With a view to become more nimble and have a sharper focus on growth and profitability, we are redesigning the organisation to build a structure that strengthens and leverages our local and global scale and enables faster decision making across all of Ola's group companies,” said an Ola spokesperson. The Board makeover The startup is also reshaping itself to look more like a listed company. It is putting together a governance committee and an ethics committee a source told Business Insider. It is also bringing experienced people into the fold by hiring for top management level across its subsidiary companies – Ola Electric and Ola Financial services. 
 <div type="image" title="16_9 graphics (23)" msid="72292380" hostid="261"></div>



 Ola and its subsidiaries like Ola Electric and Ola Money already have former top executives on board. Some of them are B V R Subbu, the former president of Hyundai India; former <keyword id="15492" type="COMPANY" weightage="20" keywordseo="Vodafone">Vodafone</keyword> CEO Arun Sarin; and Hemant Kaul, the former MD &amp; CEO of Bajaj Allianz General Insurance Even as it grooming itself, it is also thinking and working like a startup. Ola which already has operations in the UK, hurried through to expand in London as soon as its rival Uber’s licence was cancelled in the city.

Ola is shedding flab and getting a makeover as it rides to a big-bang IPO in 2 years

<keyword id="3590566" type="UNKNOWN" weightage="20" keywordseo="RNT-Capital">RNT Capital</keyword> Advisers, a venture fund set up by <a href="http://www.businessinsider.in/searchresult.cms?query=ratan+tata&amp;sortorder=effectivedate">Ratan Tata</a>, is likely to lead an investment round of $100 million, or Rs 650 crore in India’s top ride hailing app <a href="http://www.businessinsider.in/searchresult.cms?query=ola&amp;sortorder=effectivedate">Ola</a>. 
 
Tata may invest $60 million, while rest will be invested by New York-based hedge fund <a href="http://www.businessinsider.in/searchresult.cms?query=falcon+edge+capital&amp;sortorder=effectivedate">Falcon Edge Capital</a>. Besides, <keyword id="6354720" type="PERSON" weightage="20" keywordseo="Ola">Ola</keyword> is also in talks with other investors and looking get funding of $200 million. 
 
If the deal goes through, Ola's valuation will rise to $3.5 billion. 
 
"This new $100 million commitment (will happen) at a higher valuation,” ET quoted sources as saying. 
 <keyword id="6360722" type="PERSON" weightage="100" keywordseo="ratan-tata">Ratan Tata</keyword> has invested in 30 startups earlier in his personal capacity and this Ola’s investment will be the first major transaction by RNT Capital. RNT Capital has set up a $250-million corpus with University of California Investments (UC Investments) to invest in Indian companies. UC Investments manages a corpus of $100 billion across endowment and pension funds, and announced the venture with Tata in February 2016. 
 
Ola is also planning to work with the Indian Government and introduce electric vehicles in the top cities in the next three months. 
 
ET quoted analysts and employees at Ola, saying Ola clocked about six million weekly rides on an average between September and December 2016, across all its offerings-cabs, auto rickshaws and shuttle buses. “The major source of revenues for both Ola and Uber-around 70-75% - comes from their economy services including Ola Micro, Mini and UberGo,” analysts told ET. 
 
Ola is leaving no stone unturned to fight out the increasing pressure from <a href="http://www.businessinsider.in/searchresult.cms?query=uber&amp;sortorder=effectivedate">Uber</a>. 
 "Since <keyword id="1042120" type="PERSON" weightage="20" keywordseo="Uber">Uber</keyword> has been operational for 2-3 years, investors will start asking questions related to profitability,” an analyst tracking the space told ET on the condition of anonymity.

Ratan Tata likely to lead $100 million funding round in Ola; valuation may touch $3.5 billion

New Delhi: <keyword id="21530712" type="General" weightage="100" keywordseo="Ola-Founder-Bhavish-Aggarwal" source="keywords">Ola Founder Bhavish Aggarwal</keyword> is placing bold bets on new-age technologies with a view for <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> to be at the forefront of the current global <keyword id="22912054" type="General" weightage="20" keywordseo="tech-transition" source="keywords">tech transition</keyword> led by AI, and build <keyword id="22912488" type="General" weightage="20" keywordseo="jobs-of-the-future" source="keywords">jobs of the future</keyword> in the country. In an interaction with PTI editors at the agency's headquarters here, he said the private sector has to do the bulk of job creation, step up and do more, while creating an enabling environment and correcting imbalances, such as that of trade, are the responsibility of the government. Aggarwal also supported the government's move to offer fiscal incentives to global EV makers, including Tesla, through the new EV policy saying it is important for India to attract all kinds of investment, and globally established players will help in the development of the EV ecosystem in the country. The group's newly-listed entity <keyword id="19945904" type="General" weightage="20" keywordseo="Ola" source="keywords" meta.keywordsubtype="org" meta.entityname="Ola" meta.hostid="83" meta.entityid="Ola">Ola</keyword> Electric aims to make India a global electric vehicle (EV) hub but the country has to invent an EV and energy transition paradigm for itself based on its needs as the world cannot achieve a sustainable future without India, he added. "There is a global technology transition happening and AI is a very important technology of the future, and we in India need to lead this journey. If you look at the current state, I think we are still adopters of somebody else's technology paradigms, especially in the digital world," Aggarwal said, explaining why the Ola group had set up AI start-up Krutrim last year. One of the things in Krutrim is to build AI models on Indian data, which is more attuned to Indian use cases, Indian paradigms, he said, adding, "We are making our own AI, on our own cloud, on our own chip." Despite India producing 20 per cent of the world's digital data at present, he lamented that the country does not fully own the data, as 80 per cent are stored outside, which are then processed into AI and "brought back into India and sold to us in dollars". When asked about concerns over AI leading to job losses, he allayed the apprehension saying that the IT boom created jobs in India when people feared that computers would take away jobs, and AI is a similar tool. "AI is not going to replace anyone. Maybe that future is a few decades away... We don't need to get anxious about that future right now. We need to, as a country, see that AI is going to amplify productivity. If we don't get onto the bandwagon, we will be left behind...," he asserted. In his view, Aggarwal said the way forward is for India to become experts in future technology. "Future technologies bring with it jobs of the future, supply chain of the future. And if we are global leaders, we are the fastest adoptive market of future technologies (then) jobs of the future will be built in India, supply chains of the future will be built in India. This is the only way... If we focus on protecting the past, you remain uncompetitive," he added. Sharing his take on employment generation in India, Aggarwal said, "I actually believe the private sector has to do the bulk of the job creation. The government's job is to create the enabling environment, create the fundamentals, help correct imbalances wherever they are, be it trade imbalances, etc and incentivise wherever it needs to be incentivised, like the PLI schemes." The government's steps such as the employment-linked incentives will also encourage private industry, he said, adding "But fundamentally the private sector has to step up and do more". Asked if the government is doing enough to create that ecosystem for the private sector, Aggarwal said, "I'm not in the government, so I want to put the limelight on ourselves. Is the private sector doing enough? I think we all can do more, and I'm on the same page. We all need to do more." In response to a query on his views over the government in extending the fiscal concession that companies like Tesla have been demanding from India, he said, "It is very important for India to attract all kinds of investment, especially (from) world leading companies. "Tesla is a best in class company. The more companies like these invest into India, the better it is for India, in a broad sense as well for the industry." He further said, "The (EV) ecosystem, including my company, will benefit from it, because it will raise the bar on expertise, on excellence, on talent, everything..." About the newly-listed entity Ola Electric, he said, "Our mission at Ola electric is to really make India a global EV hub." The company will build products such as electric two and three-wheelers that Indians need for the country to be able to invent an EV and energy transition paradigm for itself, different from the current global solution for sustainability that is focussed on electric luxury cars, Aggarwal added. On Ola Consumer, he said the ride-hailing mobility vertical is fairly profitable, while it is investing into the new e-commerce for which it has partnered with ONDC.

India needs to lead global tech transition, build jobs of the future: Ola Founder Bhavish Aggarwal

<keyword id="62034" type="General" weightage="20" keywordseo="punjab-national-bank" source="Orion">Punjab National Bank</keyword> (PNB) on Thursday reported a two-fold jump in standalone net profit at Rs 1,126.78 crore for the third quarter ended December. The state-owned bank had earned a net profit of Rs 506.03 crore in the year-ago period. However, total income during October-December 2021 declined to Rs 22,026.02 crore as against Rs 23,298.53 crore in the year-ago period, PNB said in a regulatory filing. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/boat-sells-about-eight-out-of-ten-products-on-amazon-and-flipkart-which-it-states-as-a-risk-factor/articleshow/89155645.cms">About eight out of ten BoAt products are sold on Amazon and Flipkart, but the company has concerns around it</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/ola-electric-plans-to-hire-200-automotive-engineers-designer-for-its-uk-center/articleshow/89157318.cms">Ola Electric is now looking to invest $100 million in setting up an R&amp;D centre in UK that will hire 200 engineers</a>

You Searched For "Ola Electric profit" and got 10 results

Ola Electric Mobility losses widen to ₹347 crore in Apr-Jun quarter

PTI

Ola Electric cuts 500 jobs across verticals

PTI

Ola restructuring biz ahead of IPO, narrows losses

PTI

Ola's talent acquisition head Shikharr Sood quits too

IANS

Ola likely to lay off nearly 1K employees to ramp up EV plans

IANS

Ola Electric shares surge nearly 16 percent

PTI

Ola is shedding flab and getting a makeover as it rides to a big-bang IPO in 2 years

Sanchita Dash

Ratan Tata likely to lead $100 million funding round in Ola; valuation may touch $3.5 billion

BI India Bureau

India needs to lead global tech transition, build jobs of the future: Ola Founder Bhavish Aggarwal

PTI

Punjab National Bank's net profit more than doubles to ₹1,127 crore

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