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Taking lessons from the <keyword id="541988" type="COMPANY" weightage="100" keywordseo="SnapDeal">Snapdeal</keyword> episode, in which its major investor <keyword id="163404" type="COMPANY" weightage="20" keywordseo="Softbank">SoftBank</keyword> took decision to sell-out the online marketplace, <keyword id="6354720" type="PERSON" weightage="20" keywordseo="Ola">Ola</keyword>’s parent company modified regulatory terms and gave more powers to the owners. <keyword id="4545821" type="UNKNOWN" weightage="20" keywordseo="ani-technologies-private-limited">ANI Technologies Private Limited</keyword>, which owns and operates India’s top ride-hailing app Ola, amended the Articles of Association and modified some of the regulatory terms to give greater control to Ola founders Bhavish Aggarwal and Ankit Bhati. As per the revised terms, SoftBank, which is Ola’s biggest stakeholder, and its affiliates need approval from Aggarwal, Bhati and company's board to purchase any additional shares of the company from other stakeholders. SoftBank will own over 30% stake in Ola after the last financing round. "The measures are aimed at giving the founders more power, even as they continue to dilute their shareholding to (access more capital) and take on Uber,” a banker who tracks the company closely told ET. Aggarwal and Bhati will also be issued additional shares in Ola to ensure their holding does not fall below 10.9% from the current 12.01%. ET reported they may get an additional four lakh shares, which will be worth Rs 520 crore. This move comes after SoftBank initiated talks of Snapdeal’s sellout to <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword>, which reflects concerns of deep-pocketed investors taking major decisions. Snapdeal's CEO Kunal Bahl, in an email to employees in April, wrote that "our investors are driving the discussions around the way forward, for the company. Ola raised $250 million from SoftBank at a valuation of around $3 billion in November 2016. During the negotiation for the round, SoftBank had offered to invest close to $1 billion in Ola which would have given it a controlling stake in Ola, one source told ET. "But Aggarwal decided to take less money from SoftBank and raise more capital from other investors, both existing and new,” ET quoted sources.

Lessons learnt from Snapdeal episode; Ola founders get more power, greater control

Cab aggregator <keyword id="6354720" type="PERSON" weightage="20" keywordseo="Ola">Ola</keyword> posted a consolidated loss of over Rs 2,311 crore -- about Rs 6 crore a day -- during fiscal 2015-16, on account of heavy advertising and promotional expenses and high employee cost, as per a news report by PTI.The Bengaluru-based firm, which is locked in an intense battle for leadership with US-based Uber, has seen its losses widen about three times from Rs 796.11 crore in 2014-15, Ola said in a filing with the Ministry of Corporate Affairs.<keyword id="2200842" type="UNKNOWN" weightage="20" keywordseo="ANI-Technologies">ANI Technologies</keyword> -- which runs Ola -- did see its revenues registering a stellar growth at Rs 758.23 crore during 2015-16 compared to Rs 103.77 crore in the previous fiscal.Emails by PTI sent to Ola remained unanswered.<keyword id="2385099" type="UNKNOWN" weightage="20" keywordseo="Anchal-Agarwal">Anchal Agarwal</keyword>, co-founder of research and analytics firm <keyword id="4159482" type="UNKNOWN" weightage="20" keywordseo="Tofler">Tofler</keyword> said while the absolute amount of losses have indeed widened, the loss margin has "reduced considerably"."They spent almost Rs 8.5 for every rupee earned in 2014 -15. That number is down to almost Rs 4 for every rupee earned for 2015-16. With the pull-back in incentives etc in recent months, it's possible this has now dropped to levels at par with e-commerce companies that spend roughly Rs 2-3 for every rupee earned," she added.The consolidated numbers include financials of ANI Technologies, Ola Fleet Technologies (leasing business), <keyword id="1062211" type="UNKNOWN" weightage="20" keywordseo="Serendipity-Infolabs">Serendipity Infolabs</keyword> (Taxi For Sure) and Zipcash Card Service (46 per cent ownership).In August 2016, Ola shut down the TaxiForSure (TFS) business, about 18 months after acquiring the rival for USD 200 million.As per the filing, Ola's losses were widened on account of employee related expenses rising over five-fold to Rs 461.60 crore in the said fiscal from Rs 85.16 crore in 2014- 15. Similarly, Ola expanded its advertising and promotional expenditure to over Rs 437.89 crore in 2015-16 from Rs 99.84 crore in the previous year.Both Ola and Uber have loosened their purse strings to bring more riders and driver partners on board, offering them discounted rides and incentives, in a bid to wrest control of the lucrative Indian market.Over the last few years, the explosion of smartphones in India the world s second largest telecom market in terms of subscriber base has made it more convenient for consumers to book a cab on the go through apps and secure payment options.Companies like Ola and Uber have made booking a taxi ride as easy as a couple of quick taps on the phone screen.Since ANI Technologies is not a publicly-traded company, it is not obligated to disclose quarterly performance. It has raised investments of over USD 1.5 billion from investors, including <keyword id="163404" type="COMPANY" weightage="20" keywordseo="Softbank">SoftBank</keyword> Group, Tiger Global, Matrix Partners, Steadview Capital, <keyword id="270604" type="ENTERTAINMENT" weightage="20" keywordseo="Sequoia">Sequoia</keyword> India, Accel Partners US and Falcon Edge.In November, Ola raised about USD 250 million from SoftBank, albeit at a lower valuation of USD 3 billion (compared to USD 4.5 billion earlier). The company's Board has recently approved a proposal to raise another USD 100 million from investors, which it said would be "primarily to fund its expansion plans".Ola, which has a presence in 110 Indian cities compared to Uber's operations in 29 cities, has been aggressively expanding its portfolio of services. It has a number of offerings like Micro (affordable), Mini, Prime (sedan), Lux (luxury), Outstation, Share (shared rides), Auto, Rentals, Shuttle (buses) and e-rickshaw. Ola, which claims to have over 6,00,000 vehicles across cabs, auto-rickshaws and taxis, is also placing big bets on new technologies like electric vehicles to stay ahead of competition

Bleeding bad: Ola roughly spent Rs 4 for every rupee earned during 2015-16

India’s top ride hailing app <a href="http://www.businessinsider.in/searchresult.cms?query=ola&amp;sortorder=effectivedate">Ola</a> raised Rs 670 crore, or $ 104.40 million in fresh funding. Apart from FO Maurtitius, a venture between University of California and <a href="http://www.businessinsider.in/searchresult.cms?query=ratan+tata&amp;sortorder=effectivedate">Ratan Tata</a>, UC-RNT, also participated in the funding round. While the UC-RNT Fund infused Rs 267.99 crore, FO Mauritius pumped in Rs 402 crore. <keyword id="6354720" type="PERSON" weightage="20" keywordseo="Ola">Ola</keyword> is gathering ammunition to keep itself ahead of <keyword id="1042120" type="PERSON" weightage="20" keywordseo="Uber">Uber</keyword>, which raised about $250 million from <a href="http://www.businessinsider.in/searchresult.cms?query=softbank&amp;sortorder=effectivedate">SoftBank</a> in November. ANI Technologies, which runs Ola, raised investments of more than $1.5 billion from investors, including <keyword id="163404" type="COMPANY" weightage="20" keywordseo="Softbank">SoftBank</keyword> Group, Tiger Global, Matrix Partners, Steadview Capital, Sequoia India, Accel Partners US and Falcon Edge. While Ola has been successful in raising a sizable amount of funds, it continues to bleed on account of heavy advertising and promotional expenses and high employee cost. The company posted a consolidated loss of over Rs 2,311 crore -- about Rs 6 crore a day -- during fiscal 2015-16. ANI Technologies did see its revenues registering a stellar growth at Rs 758.23 crore during 2015-16 compared to Rs 103.77 crore in the previous fiscal. Ola, which has a presence in 110 Indian cities compared to Uber's operations in 29, has been aggressively expanding its portfolio of services.

Ola raises Rs 670 crore in fresh funding; Ratan Tata pumps Rs 267 crore

Eduardo Munoz/ReutersThe Facebook office in New York in 2011.<ul class="summary-list"><li>Facebook, Microsoft, and Twitter, among others, are contributing resources toward a hackathon for building tech products that address coronavirus-related issues.</li><li>Developers can build any technology of their choosing, but the World Health Organization provided some examples of areas where help is needed the most.</li><li>Those examples include technologies that can help support medical workers as well as those that can protect vulnerable populations.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul>Tech giants such as Facebook, Microsoft, and Twitter are all contributing to a hackathon project that encourages developers to build technology that addresses challenges and issues related to the coronavirus pandemic.Online hackathon provider <a href="https://covid-global-hackathon.devpost.com/">Devpost</a> is hosting the initiative.Participants can build any technology of their choice, but the World Health Organization worked with Devpost to provide some areas where help is needed the most.These include focusing on heath initiatives, like technologies that can help support medical workers or scale telemedicine, help vulnerable populations like the elderly stay safe, working on remote learning environments that teachers and schools can use, and promoting social connections as people remain socially isolated. Facebook, Microsoft, Twitter, Giphy, TikTok, Pinterest, Slack, and WeChat will be contributing resources to support developers looking to participate. In addition to WHO, scientists at the Chan Zuckerberg Biohub are also partnering with Devpost on the project.It's rare for major technology firms that often compete with one another to work together on a common project, although they sometimes collaborate to encourage the adoption of <a href="https://www.businessinsider.com/apple-amazon-google-partner-on-smart-home-tech-2019-12">new technology standards</a> across the industry.In addition to providing resources for the global hackathon, many of these companies are also leveraging their own products and platforms to curb the spread of the coronavirus pandemic.Facebook, for example, is providing free services to government health organizations and UN agencies looking to use its Messenger service as a tool to spread accurate and helpful information about COVID-19. Argentina's Ministry of Health is using this tool, according to <a href="https://messengernews.fb.com/2020/03/23/messenger-partners-with-developers-to-provide-government-health-organizations-with-free-services-to-respond-to-coronavirus-pandemic/">Facebook</a>.As it relates to the hackathon, Facebook is providing educational materials and Facebook Live tutorials to developers looking to participate.The deadline to submit projects is March 30, with the highlighted selections being announced on April 3.<a href="https://www.businessinsider.com/intelligence/stories-slide-deck?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=tiktok&amp;itm_campaign=stories-slide-deck"></a> <h3>NOW WATCH: <a href="https://www.businessinsider.com/bidets-better-than-using-just-toilet-paper-2019-9">Why bidets are better than buying countless rolls of toilet paper</a></h3>

In a rare move, Facebook, Microsoft, Twitter, and other tech giants are working together to help developers combat the coronavirus pandemic with technology

As per an order from the <keyword id="6355014" type="ORGANIZATION" weightage="100" keywordseo="Delhi-High-Court">Delhi High Court</keyword>, <keyword id="6354720" type="PERSON" weightage="100" keywordseo="Ola">Ola</keyword>, <keyword id="1042120" type="PERSON" weightage="100" keywordseo="Uber">Uber</keyword> and the radio taxis' association will be giving out details of the cabs that are intended to be phased out by March 31 because of an order from as per the Supreme Court's order. 
 
Justice J R Midha has issued the direction to ANI Technologies Ltd, the company behind Ola cars, Association of Radio Taxis and Uber. This has been done because the Delhi government needs the details of cabs that are to be phased out, so that proper action can be taken after the deadline. 
 
The court has given these companies time till April 10 so that the details can be submitted along with an affidavit in a sealed cover. 
 
The details are required by the transport department so that action can be taken against companies not complying with court orders. 
 
<a href="http://i.huffpost.com/gen/2436136/images/o-DELHI-CAB-facebook.jpg">Image source</a>

Submit all details about phased out cabs: Delhi High Court directs Ola, Uber and radio taxis

<ul class="summary-list"><li><keyword id="10875" type="CITY" weightage="60" keywordseo="IBM">IBM</keyword> CEO <keyword id="202173" type="PERSON" weightage="60" keywordseo="Arvind-Krishna">Arvind Krishna</keyword> said the tech giant will no longer offer <keyword id="30939" type="TECHNOLOGY" weightage="60" keywordseo="facial-recognition">facial recognition</keyword> software and said there should be a "national dialogue" on the technology's use in <keyword id="691011" type="COMPANY" weightage="60" keywordseo="law-enforcement">law enforcement</keyword>.</li><li>Krishna announced the change in a letter to members of the US Congress, including Senators Cory Booker and Kamala Harris, in which he also called for policing reforms in the wake of the killing of George Floyd.</li><li>"IBM firmly opposes and will not condone uses of any technology, including facial recognition technology offered by other vendors, for mass <keyword id="6354565" type="UNKNOWN" weightage="60" keywordseo="Surveillance">surveillance</keyword>, racial profiling, violations of basic human rights and freedoms," he said in the letter.</li></ul>IBM CEO Arvind Krishna said Monday that the tech giant will stop offering facial recognition software and called for a "national dialogue" on the way the technology is used for law enforcement.Krishna unveiled the change in a letter to key members of the US Congress in which he also called for major policing reforms in the wake of the killing of George Floyd at the hands of a white policeman."IBM no longer offers general purpose IBM facial recognition or analysis software," Krishna said in the letter addressed to congressional leaders, including Senators Cory Booker and Kamala Harris. "IBM firmly opposes and will not condone uses of any technology, including facial recognition technology offered by other vendors, for mass surveillance, racial profiling, violations of basic human rights and freedoms," Krishna said it was also time to "begin a national dialogue on whether and how facial recognition technology should be employed by domestic law enforcement agencies."Krishna's letter underscored the broadening impact of the killing of George Floyd, which has <a href="https://www.businessinsider.com/june-7-protests-george-floyd-black-lives-matter-photos-2020-6">sparked global protests </a>against systemic police abuse in the United States. Floyd, who was African American, died after a white Minneapolis policeman apparently choked him to death by kneeling on his neck while taking him into custody.Krishna said the tech giant hoped to help the US Congress in the quest for new policies to hold police "more accountable for misconduct."He cited several proposals that other advocacy organizations have already raised, such as modifying "the qualified immunity doctrine that prevents individuals from seeking damages when police violate their constitutional rights."Got a tip about IBM or another tech company? Contact this reporter via email at bpimentel@businessinsider.com, message him on Twitter <a href="https://twitter.com/benpimentel">@benpimentel</a> or send him a secure message through Signal at (510) 731-8429. You can also <a href="https://www.businessinsider.com/how-to-tip-business-insider-securely-guide-signal-securedrop-2017-6">contact Business Insider securely via SecureDrop</a>.Claim your 20% discount on an annual subscription to BI Prime by <a href="https://www.businessinsider.com/subscription/prime-discount?r=birefer-mweinberger">clicking here</a>.

IBM's CEO said the firm will stop offering facial recognition software and called for 'national dialogue' on the use of the technology in law enforcement

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

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Lessons learnt from Snapdeal episode; Ola founders get more power, greater control

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Bleeding bad: Ola roughly spent Rs 4 for every rupee earned during 2015-16

BI India Bureau

Ola raises Rs 670 crore in fresh funding; Ratan Tata pumps Rs 267 crore

BI India Bureau

In a rare move, Facebook, Microsoft, Twitter, and other tech giants are working together to help developers combat the coronavirus pandemic with technology

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Submit all details about phased out cabs: Delhi High Court directs Ola, Uber and radio taxis

BI India Bureau

IBM's CEO said the firm will stop offering facial recognition software and called for 'national dialogue' on the use of the technology in law enforcement

Benjamin Pimentel

Ola restructuring biz ahead of IPO, narrows losses

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