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Ride-hailing platform <keyword id="6354720" type="General" weightage="100" keywordseo="ola" source="Orion">Ola</keyword> has shut down its used vehicle business <keyword id="3295694" type="General" weightage="50" keywordseo="ola-cars" source="Orion">Ola Cars</keyword> as well as Ola Dash, its quick-commerce business, at a time when Indian companies are pouring money into the 10-15 minute grocery delivery market. The company shut Ola Cars within one years of its launch, as it focuses on its electric two-wheeler and 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. "Ola has reassessed its priorities and decided to shut down Ola Dash - its quick commerce business. Ola will also be reorienting its Ola Cars business to focus more on strengthening the go-to-market strategy for <keyword id="4393078" type="General" weightage="50" keywordseo="ola-electric" source="Orion">Ola Electric</keyword>," the company said in a statement. It added that Ola Cars' infra, technology and capabilities will be "repurposed towards growing Ola Electric's sales and service network". Ola now aims to invest more towards its electric car, cell manufacturing, and financial services businesses. Ola Dash shuts down at a time when India's quick commerce market is all set to witness 15 times growth by 2025, reaching a market size of nearly $5.5 billion. The total addressable market for quick commerce in India stands at $45 billion, and urban areas are driving this market on the back of mid-high-income households. <keyword id="830092" type="General" weightage="50" keywordseo="zomato" source="Orion">Zomato</keyword> on Friday poured Rs 4,447 crore into acquiring quick-commerce grocery delivery platform Blinkit. In December 2021, Swiggy announced to pour $700 million into Instamart. Last month, 10-minute delivery platform Zepto raised $200 million, taking its valuation to around $900 million. Ola Electric is also facing scrutiny over faulty batteries in its electric two-wheelers, among other EV players like Okinawa Autotech, Pure EV, Jitendra Electric Vehicles, and Boom Motors, by the government. The Bureau of Indian Standard (BIS), which comes under the Union Consumer Affairs Ministry, has published the "performance standards for electronic vehicle batteries" in a bid to keep a strict control over the manufacturing of EV batteries. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/india-might-be-used-as-a-back-door-for-russian-oil-say-media-reports/articleshow/92480791.cms">India might be used as a 'back door' for Russian oil, say media reports</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/enterprise/news/netflix-confirms-an-ad-supported-tier-is-coming-to-its-streaming-service-by-year-end/articleshow/92438291.cms">Netflix confirms an ad supported tier is coming to its streaming service by year end</a>

Ola shuts it used car and quick commerce businesses

<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

<ul><li>Reports say that Ola has shut down <keyword id="1666592" type="PERSON" weightage="20" keywordseo="Foodpanda">Foodpanda</keyword> and let go of numerous employees. </li><li>However, an Ola spokesperson said that the company remains committed to its mission of building a superior food experience to its customers.</li><li>In 2015, the company launched Ola Cafe, which only lasted for a year.</li></ul>Ola today denied media <a href="https://www.livemint.com/companies/start-ups/ola-drops-foodpanda-delivery-lays-off-several-employees-1558463350377.html">reports</a> about the ‘shutdown’ of its <keyword id="6376068" type="UNKNOWN" weightage="20" keywordseo="food-delivery">food delivery</keyword> vertical Foodpanda. “We continue to invest in expanding our facilities and kitchens, as well as our portfolio of food offerings for customers. We remain committed to our mission of building a superior food experience for millions of our customers,” said an Ola spokesperson. According to sources, Ola now has a redefined approach to food delivery with cloud kitchens – with more focus on its own brand instead of being a marketplace. With four private labels – The Khichdi Experiment, Grandma’s Kitchen, Lovemade and FLRT, sources say that Ola is actually ramping up its current 50+ cloud kitchens. The company is also looking at opening offline stores for these brands, say sources. While media reports also say that Ola has let go of numerous employees, sources say that it is hiring for its cloud kitchen business. "As part of our ongoing business repurposing initiatives, we are focused on building a portfolio of own food brands and curated food offerings through our fast expanding network of kitchens. Many of these offerings are already available in all major cities through the Ola and Foodpanda apps,” said the spokesperson. Ola had acquired Foodpanda in 2017, after its own tryst with food delivery – Ola Cafe failed. Launched in 2015, Ola Cafe shut down operations in just a year. <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/cost-cutting-is-at-top-of-the-menu-for-ola-at-foodpanda/articleshow/67717688.cms">Reports</a> have been doing the rounds since January 2019 about Ola’s rumoured to slash investments into Foodpanda. India’s food delivery industry has seen the emergence of two big players – Zomato and Swiggy. While other players like Ola and Uber, have offered food delivery along with their ride hailing services, the food vertical seems to have not taken off well because of <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/swiggy-zomato-in-top-gear-as-ride-hailing-companies-slow-down/articleshow/69405510.cms">cash burn.</a> Ola’s struggles with food delivery aside, Uber too has been barely managing to keep up with Zomato and Swiggy. In Uber’s IPO filing, it has mentioned its offering UberEats, to say that in India it competes with Swiggy and Zomato, who have a “substantial market-specific knowledge and established relationships with local restaurants, affording them significant product advantages.” See Also: <a href="https://www.businessinsider.in/ratan-tata-invests-in-ola-electric-mobility/articleshow/69199801.cms">Ratan Tata recharges Ola’s electric mobility wing – invests an undisclosed amount</a> <a href="https://www.businessinsider.in/zomato-and-swiggy-discounts-of-concern-to-indian-restaurants/articleshow/68256281.cms">In India, restaurants have a love-hate relationship with online food delivery platforms</a>

Ola denies shutting down Foodpanda, says it has a refocused approach to food delivery

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

<ul><li><keyword id="6602160" type="General" weightage="80" keywordseo="ola-electric-mobility" source="Orion">Ola Electric Mobility</keyword> Private Ltd. has signed a MoU with the <keyword id="20154" type="General" weightage="80" keywordseo="tamil-nadu" source="Orion">Tamil Nadu</keyword> government to invest ₹7,614 crore.</li><li>According to the Tamil Nadu government, Ola Electric Mobility's group companies -- <keyword id="16569311" type="General" weightage="50" keywordseo="ola-cell-technologies-private-ltd" source="Orion">Ola Cell Technologies Private Ltd</keyword> and <keyword id="16569310" type="General" weightage="50" keywordseo="ola-electric-technologies-private-ltd" source="Orion">Ola Electric Technologies Private Ltd</keyword> -- will set up the lithium ion cell plant and EV car plant respectively.</li></ul>Chennai, Electric vehicle (EV) player Ola Electric Mobility Private Ltd. has signed a Memorandum of Understanding (MoU) with the Tamil Nadu government to invest ₹7,614 crore to make EV cars and lithium ion cells in the state. According to the Tamil Nadu government, Ola Electric Mobility's group companies -- Ola Cell Technologies Private Ltd and <keyword id="16569309" type="General" weightage="80" keywordseo="ola-electric-technologies" source="Orion">Ola Electric Technologies</keyword> Private Ltd -- will set up the lithium ion cell plant and EV car plant respectively. The Ola Electric Technologies will invest Rs 5,114 crore for making lithium cells and Ola Electric Technologies will invest Rs 2,500 crore for the car plant, the state government said. The two plants will come up in Krishnagiri district. Several days ago, the Tamil Nadu government unveiled its new EV industry policy. "Ola will set up the world's largest EV hub with integrated 2W, car and lithium cell Gigafactories in Tamil Nadu. Signed MoU with Tamil Nadu today. Thanks to Hon.CM@mkstalin for the support and partnership of the TN govt! Accelerating India's transition to full electric!" Bhavish Aggarwal, Co-Founder tweeted. SEE ALSO: <a href="https://www.businessinsider.in/science/news/china-clones-three-super-cows-to-produce-milk-by-the-gallons/articleshow/97570773.cms">Holy Cow! China clones three 'Super Cows' to produce milk by the gallons</a> <a href="https://www.businessinsider.in/tech/mobile/news/new-patent-suggests-that-apple-could-bring-a-foldable-iphone-with-a-self-healing-display-in-the-future/articleshow/97302738.cms">New patent suggests that Apple could bring a foldable iPhone with a self-healing display in the future</a>

You Searched For "Ola" and got 5 results

Ola shuts it used car and quick commerce businesses

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Ola's talent acquisition head Shikharr Sood quits too

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Ola denies shutting down Foodpanda, says it has a refocused approach to food delivery

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Ola's valuation slashed by more than half by Vanguard

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Ola group to invest ₹7,614 cr in TN for lithium ion cell, EV cars

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