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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

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

Leading US asset manager <keyword id="174755" type="General" weightage="70" keywordseo="vanguard" source="Orion">Vanguard</keyword> has further slashed its holding in ride-hailing major <keyword id="6354720" type="General" weightage="100" keywordseo="ola" source="Orion">Ola</keyword> by more than half, which takes the Bhavish Aggarwal-run company's valuation down to nearly $3.5 billion from $7.3 billion at the end of 2021. According to a TechCrunch report, citing Vanguard's filings, the investment firm has cut the worth of its shares in Ani Technologies, Ola's holding firm, by 51.6%. "The asset manager marked down the holding of its Ola shares to $25 million, from the $51.7 million purchase price years ago, the filings showed," according to the report. Vanguard had valued its Ola's shares at about $33.8 million in February this year. In May, Vanguard had slashed Ola's valuation by 35% amid global macroeconomic conditions, reducing its valuation to about $4.8 billion. Ola has raised more than $3.9 billion over the years, according to public data. IPO-bound Ola Electric has also recorded an operating loss of $136 million (roughly Rs 1,116 crore) and revenue of $335 million (roughly Rs 2,750 crore), missing its revenue goal disclosed publicly. The company reported sales of over 1,50,000 electric scooters for FY23, according to a Reuters report. In the first two months of FY23, Ola Electric claimed to have surpassed Rs 500 crore in revenue and was on track to surpass $1 billion by year's end. In January, Ola laid off 200 employees from its <keyword id="6362049" type="General" weightage="80" keywordseo="ola-cabs" source="Orion">Ola Cabs</keyword>, Ola Electric and Ola Financial Services verticals as part of the "restructuring" exercise. Ola joins a growing list of Indian unicorns who have significantly lost their valuations. Invesco lowered Swiggy's valuation by almost half to $5.5 billion in earlier this year while leading US investment firm Fidelity reportedly slashed the estimated worth of its holding in homegrown conversational engagement platform Gupshup by over 20% in a month.

Ola's valuation slashed by more than half by Vanguard

<keyword id="637412" type="General" weightage="20" keywordseo="infosys-founder" source="Orion">Infosys founder</keyword> <keyword id="6355623" type="General" weightage="20" keywordseo="narayana-murthy" source="Orion">Narayana Murthy</keyword>'s advice to youngsters in India, urging them to work 70 hours a week, has sparked sharp reactions from founders and leaders who said that while extended working hours can boost productivity, a balanced approach is equally necessary. During a podcast, Murthy had said that if India wants to compete with developed economies that have made remarkable progress in recent decades, youngsters should work for 70 hours a week. Reacting to Murthy's comment, <keyword id="1353462" type="General" weightage="50" keywordseo="abhishek-desai" source="Orion">Abhishek Desai</keyword>, founder of CricHeroes, told that while extended working hours can boost productivity in certain contexts, "it's equally vital to focus on work-life balance, employee well-being, and harnessing technology to enhance efficiency". "The success of countries like Japan and Germany is undoubtedly commendable, but we must also acknowledge that their work culture may not be entirely replicable in the Indian context," Desai added. Former BharatPe Co-founder <keyword id="2988161" type="General" weightage="50" keywordseo="ashneer-grover" source="Orion">Ashneer Grover</keyword> said that the public got offended at Murthy's comment as the measure of work done still gets notified based on hours spent rather than the outcome. "I think junta (public) got offended here because work is still being measured in 'hours' rather than 'outcome'. The other thing is people feeling as if youngster's laziness is the only thing keeping India from becoming developed," he posted on X on Friday. Ola CEO <keyword id="1543567" type="General" weightage="50" keywordseo="bhavish-aggarwal" source="Orion">Bhavish Aggarwal</keyword>, however, agreed with Murthy's view. "Totally agree with Murthy's views. It's not our moment to work less and entertain ourselves. Rather it's our moment to go all in and build in 1 generation what other countries have built over many generations," he posted on X. According to Shrijay Sheth, founder of Legalwiz.in, working long hours does not necessarily translate into better work, bigger outcomes and higher returns for the company. "Primarily, it is about enhanced productivity and achieving the organisational goals. Especially for workforces in the Indian context, longer working hours may result in lower efficiency and, thus, impede the realisation of business objectives," he added.

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

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Ola Electric shares surge nearly 16 percent

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Ola's valuation slashed by more than half by Vanguard

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Murthy's 70-hr-a-week work call to youth trigger sharp reactions from founders

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