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New Delhi, Ride-hailing company <keyword id="2853100" type="General" weightage="50" keywordseo="ani-technologies-pvt-ltd" source="Orion">Ani Technologies Pvt Ltd</keyword>, popularly known as <keyword id="6362049" type="General" weightage="20" keywordseo="ola-cabs" source="Orion">Ola Cabs</keyword>, saw its loss widening to Rs 3,082 crore in 2021-22, according to financial data accessed by business intelligence platform Tofler. The company's losses have more than doubled on a year-over-year basis, the data showed. "Ani Technologies Pvt Ltd, an online transportation network company (popularly known as Ola Cabs), reported its revenues for the 2021-22 financial year at Rs 1,350 crore, a 49 per cent jump since the last financial year," Tofler said in a statement. "The company further reported a net loss of Rs 3,082 crore during the fiscal. This is a 132 per cent higher than the last financial year," the statement said. The company's total expenses for the fiscal were reported as Rs 1,539 crore, the statement said. An email query sent to Ola seeking a response did not elicit an immediate reply. Ola operates in more than 250 cities in India, Australia, New Zealand, and the UK.

Ola Cabs loss widens to Rs 3,082 crore in FY22

<ul><li>Kumar has previously worked with US-based multinational firm GE, and fast moving consumer goods (FMCG) giant Hindustan Unilever.</li><li>Saurabh was previously with companies like Hindustan Zinc, Philips, Asian Paints and Larsen and Toubro.</li><li><keyword id="6354720" type="COMPANY" weightage="20" keywordseo="ola">Ola</keyword> had recently appointed <keyword id="11198382" type="UNKNOWN" weightage="20" keywordseo="wayne-burgess">Wayne Burgess</keyword> as <keyword id="4393078" type="PERSON" weightage="20" keywordseo="Ola-Electric">Ola Electric</keyword>’s design head.</li></ul>Ride-hailing app Ola, on Thursday, announced that it has appointed G.R. Arun Kumar as its new group chief financial officer (<keyword id="53346" type="POSITION" weightage="20" keywordseo="CFO">CFO</keyword>). Kumar will also be the financial head of Ola Electric, its electric vehicles vertical. He was the executive director and group CFO at natural resources firm <keyword id="28423" type="COMPANY" weightage="20" keywordseo="vedanta">Vedanta</keyword> Resources, according to his LinkedIn profile. The company, in a press statement, also said that Swayam Saurabh will be the new CFO for its mobility, financial services and food businesses vertical. Basically, he will be looking after the finances of Ola’s consumer internet businesses. Kumar has previously worked with US-based multinational firm GE, and fast moving consumer goods (FMCG) giant Hindustan Unilever. Saurabh was previously with companies like Hindustan Zinc, Philips, Asian Paints and Larsen and Toubro. Ola’s chairman and group chief executive Bhavish Aggarwal, said, “Arun [Kumar] and Swayam [Saurabh] bring deep financial expertise across large and complex global organisations and multiple industries including minerals, construction and FMCG amongst others.” The company has been on a <keyword id="6357342" type="UNKNOWN" weightage="20" keywordseo="Hiring">hiring</keyword> spree, recently, and made some significant changes at the top-level. Ola, registered as ANI Technologies Pvt. Ltd, had recently appointed Rakesh Bhardwaj as its group chief information officer (CIO) in April this year. N Balachandar was hired as Ola Electric’s chief human resources officer (CHRO) in May 2021. <a href="https://www.businessinsider.in/business/auto/news/the-designer-for-bentley-aston-martin-and-jaguar-will-now-work-on-ola-electric-new-models/articleshow/82383151.cms">Wayne Burgess</a> was hired as the head of design for its electric vehicles segment. Burgess is the man behind iconic designs of Bentley Arnage, Aston Martin’s DB9, Jaguar XF, F-Type,F-Pace SUV and XE. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/huawei-announces-first-devices-with-harmonyos-set-to-take-on-apple-and-google-with-its-in-house-operating-system/articleshow/83195689.cms">Huawei announces first devices with HarmonyOS — set to take on Apple and Google with its in-house operating system</a> <a href="https://www.businessinsider.in/tech/mobile/news/oneplus-nord-ce-5g-mobile-phone-full-specifications-leaked-days-ahead-of-launch/articleshow/83195375.cms">OnePlus Nord CE 5G full specifications leaked days ahead of launch – heavily inspired by the original Nord</a> <a href="https://www.businessinsider.in/business/startups/news/top-five-fintech-ideas-that-are-drawing-the-most-amount-of-money/slidelist/83194276.cms">Five fintech ideas that are raking in the most amount of money</a>

Ola hires former Vedanta executive GR Arun Kumar as its new group CFO

<ul><li><keyword id="6602160" type="UNKNOWN" weightage="20" keywordseo="ola-electric-mobility">Ola Electric Mobility</keyword> has raised series A round of funding from <keyword id="6360722" type="UNKNOWN" weightage="20" keywordseo="ratan-tata">Ratan Tata</keyword>. </li><li><keyword id="6354720" type="UNKNOWN" weightage="20" keywordseo="ola">Ola</keyword> Electric had raised ₹400 crores from Ola’s existing and early investors Tiger Global and Matrix India.</li><li>The investment will help Ola achieve its plan to bring 1 million Electric Vehicles on Indian roads by 2021. </li></ul>Ola Electric Mobility has raised an undisclosed amount from Ratan Tata in a series A round of funding. Ola Electric is a subsidiary of ANI Technologies Pvt Ltd, which is Ola’s parent company. Two months earlier in March 2019, Ola Electric had raised ₹400 crores from Ola’s existing and early investors Tiger Global and Matrix India. Tata is also an existing investor in Ola. “The <keyword id="381751" type="ORGANIZATION" weightage="20" keywordseo="Electric-vehicle">electric vehicle</keyword> ecosystem is evolving dramatically every day, and I believe Ola Electric will play a key role in its growth and development. I have always admired the vision of <keyword id="1543567" type="COMPANY" weightage="20" keywordseo="Bhavish-Aggarwal">Bhavish Aggarwal</keyword> and I’m confident that this will be part of yet another important strategic move into this new business area,” said Ratan Tata, Chairman Emeritus of Tata Sons. Interestingly, Tata Group’s Tata Motors is also an early adopter of electric vehicles with its Tata Tigor EVs. The investment will further help Ola achieve its plan to bring 1 million Electric Vehicles on Indian roads by 2021. In an official statement, the company said that Tata’s investment is a significant endorsement of the company’s approach to developing an electric mobility ecosystem, including innovations in charging infrastructure, swapping models, and market-appropriate products. Ola Electric is currently running several pilots involving charging solutions, battery swapping stations, and deploying vehicles across two, three and four-wheeler segments. The Electric Vehicle industry has been heating up in India with large automakers like Maruti Suzuki, Mahindra and Mahindra and Tata Motors marking their entry in the segment. Maruti Suzuki has also <a href="https://www.thehindu.com/business/Industry/steering-away-from-diesel/article27035520.ece">announced</a> that it will be phasing out its diesel vehicles by 2020, which could possibly lead to the company producing more EVs. See Also: <a href="https://www.businessinsider.in/ola-takes-on-mahindra-glyd-with-fresh-funds-wheres-uber/articleshow/68214440.cms">Ola gets fresh funds to take on Mahindra’s Glyd – where’s Uber?</a> <a href="https://www.businessinsider.in/ola-report-indias-ev-mission-needs-two-wheelers-three-wheelers/articleshow/69035515.cms">India's EV mission will be incomplete without two wheelers and tuk tuks but not without a few speed bumps</a>

Ratan Tata recharges Ola’s electric mobility wing – invests an undisclosed amount

A <keyword id="132180" type="ORGANIZATION" weightage="20" keywordseo="National-Consumer-Disputes-Redressal-Commission">National Consumer Disputes Redressal Commission</keyword> bench of Justice K S Chaudhari dismissed the petition filed against <keyword id="1042120" type="PERSON" weightage="20" keywordseo="Uber">Uber</keyword> and <keyword id="6354720" type="PERSON" weightage="20" keywordseo="Ola">Ola</keyword> by NGO ¬¬ 'Nyaybhoomi' ¬¬ saying it was non maintainable. The apex consumer commission dismissed the petition seeking a refund of over Rs 9,200 crore as excess amount allegedly charged by cab aggregators Ola and Uber. The NGOs had filed the petition in September last year, claiming that the cab aggregators indulged in "unfair trade practices" by overcharging in the name of surge pricing. The complaint had alleged that these cab service providers were charging excess fare than the amount notified by state governments and sought imposition of a penalty of the like amount on them. The petition was filed against ANI Technologies Pvt Ltd, which runs Ola, Uber India Systems Pvt Ltd and Serendipity Infolabs Pvt Ltd which runs Taxi For Sure. It had sought a refund of an estimated amount of Rs 9239 crore from the cab operators on behalf of all passengers across the country as the excess money collected by them in the past three years. It said that in August last year, the <keyword id="6355014" type="ORGANIZATION" weightage="20" keywordseo="Delhi-High-Court">Delhi High Court</keyword> had barred the cab providers from charging fares higher than those notified by the Delhi Government after August 22.

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Ola Cabs loss widens to Rs 3,082 crore in FY22

PTI

Ola hires former Vedanta executive GR Arun Kumar as its new group CFO

Vaamanaa Sethi

Ratan Tata recharges Ola’s electric mobility wing – invests an undisclosed amount

Sanchita Dash

Good news for Uber, Ola: Consumer panel rejects plea against Uber, Ola for overcharging

BI India Bureau

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