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Shares of <keyword id="19956271" type="General" weightage="100" keywordseo="Ola-Electric-Mobility" source="keywords">Ola Electric Mobility</keyword> were in a freefall today, tanking about 4.55% on the NSE and 4.88% on BSE. Today also marked 30 days since the company was listed on the bourses (August 9th), bringing down shutters on the one-month lock-in window anchor investors are mandated to hold stocks for, before deciding to offload 50% of shareholding. Around 18.18 crore shares, or about 4% of company's outstanding shares were eligible for trading in the market post the 30-day lock-in, which hurtled Ola's stock towards Rs 100. While the stock managed to gain some ground later in the day, and was trading at Rs 114.10 when the markets closed today, slightly up from its intraday low of Rs 109. However, it still remained a far cry from its all-time high price of Rs 157.4, which it had hit on August 20th, 2024. Ola Electric, which currently dominates the Indian EV space, debuted on stock exchanges last month, and was looking to raise Rs 6,145.56 crore via fresh issue, along with an OFS (offer for sale) of 8.49 crore equity shares. The IPO was oversubscribed by around 4x. Going ahead, the Bhavish Aggarwal-led startup is also set to face intense competition from fellow EV maker Ather Energy. With its IPO set to hit the markets soo, Ather is looking to raise Rs 3,100 crore via fresh issue, and an OFS of about 2.2 crore equity shares. Per the DRHP (draft red herring prospectus) filed by Ather, its net worth for FY24 stood at Rs 545.9 crore. The remaining 50% of Ola Electric's shares will be eligible for offloading by anchor investors in 60 days from now, or 90 days since the date of allotment. While this event will certainly test Ola's buoyancy in the market, the fact remains that Ola was off to a stellar start days after its listing, when the stock price accelerated to Rs 157.4 on August 20th, 2024. This skyrocketed the company's valuation well beyond that of established Indian 2-wheeler giants like Hero Moto Corp and Bajaj, albeit briefly. In fact, for a small period, Ola Electric Mobility had recorded valuations higher than that of Tesla's. For perspective, Ola's market capitalization, as of today, stood at Rs 50,327.57 crore. Bajaj Auto, which listed on the exchanges in 2008, presently has a market value of Rs 3,02,993.79 crore, while Hero Moto Corp, which was listed in 2003, currently has a market value of Rs 1,14,788.59 crore. However, ever since hitting this peak on August 20th, Ola's prices have only been on a downward journey. However, now that the stock has witnessed a price correction of sorts, the question remains- has Ola corrected enough, or are we still in for further downside? As per SEBI registered Investment Advisor Gaurav Goel, Ola continues to trade in the expensive zone despite recent correction. "The recent mercurial rise in the stock has been more on the promise it holds for the future. It is the largest <keyword id="23099550" type="General" weightage="20" keywordseo="E-Scooter-Manufacturing" source="keywords">E-Scooter Manufacturing</keyword> company in India, with 31% market share in the E2W sector, selling 3,29,618 scooters in FY24. Recently, it also forayed into the motorcycle segment with several new “Roadster” models at an attractive pricing. It is building an Ola Gigafactory for cell production in Tamil Nadu, and a Battery Innovation Centre in Bangalore", Goel explained. "However, we feel that despite attractive future plans, the stock is currently overpriced. Despite rising revenues, we need to see how quickly it is able to translate widening losses into profits", he continued. <h2>Gaping holes, take a long-term approach </h2>It is hard to overlook the wide, year on year losses that the company continues to incur. As of March 2024, the company had racked up an operating loss of Rs 1,266 crore. Per its Q1FY25 financials, the company's losses before taxes during April-June 2024 grew to Rs 347 crore, up from Rs 267 crore in the year-ago period. The company's cash flows from operating activities continued to be in red, rising from Rs 2,520.25 crores in March 2021 to Rs 15,072.71 crore as of March 2023. Generally, if a company is regularly registering negative cash flows from its primary, operational activity, it is a troubling sign, indicating that the company is spending more than what its making. Ola continues to rack up major losses in its cell business, which reported a loss of Rs 5 crore in Q1FY25. The segment's operating expenses, however, doubled from Rs 11 crore in Q1FY24 to Rs 22 crore in Q1FY25. Per Agrawal, the indigenously developed 4680 Bharat Cell, which will be integrated in all Ola vehicles starting Q1FY26, will help in bettering the company's profit margins, given that cells constitute around 30-35% of overall vehicle's cost. Which is why experts suggest not to buy into any short-term euphoria surrounding the stock, and instead, opt for a long-term approach. While there is scope, it is largely unchartered waters, which will have to face the tides of multiple market volatilities and cycles, before it starts to generate sustainable, significant returns. Goel believes that while the new vehicle segment is a good space to enter, the competition here is going to be stiff. Customer actual response in terms of sales is yet uncertain. "We recommend a buy on dips on this stock. An entry level of Rs 100 would be good point for purchase. It should be kept for the long-term, for a period of at least 3-5 years for realization of its potential"

Shares of Ola Electric have tapered down from their record-highs. Is this a good time to buy in?

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

Mumbai (Maharashtra) [India], February 26 (ANI): The stock market commenced trading on a negative note today, with both the Sensex and <keyword id="19896381" type="General" weightage="20" keywordseo="nifty" source="keywords">Nifty</keyword> opening in the red. The Sensex dipped 152.66 points, starting the day at 72,990.14, while the Nifty was down 51.55 points, opening at 22,161.15. Market sentiment remained subdued as 16 Nifty companies advanced while 34 declined. Leading the gainers on the Nifty were Power Grid, Cipla, <keyword id="20645080" type="General" weightage="20" keywordseo="dr-reddy" source="keywords">Dr Reddy</keyword>, <keyword id="20728770" type="General" weightage="20" keywordseo="adenterprises" source="keywords">AdEnterprises</keyword>, and LT, while Asian Paints, Titan, HDFC Life, LTIMindtree, and Tech Mahindra emerged as the top losers. <keyword id="19978188" type="General" weightage="20" keywordseo="varun-aggarwal" source="keywords">Varun Aggarwal</keyword>, founder and managing director, Profit Idea, said, "Despite the negative opening, the Nifty 50's near-term uptrend remains intact, with analysts foreseeing a minor dip in the upcoming week, potentially presenting a buy-on-dips opportunity. Immediate support for the Nifty is anticipated at 22,040 levels. Options data indicates significant call open interest at 22,300 and 22,500 strikes, with notable put open interest at 22,200 and 22,000 strikes". Turning to global markets, the US stock market saw a mixed session on Friday, with the Nasdaq Composite and S&amp;P 500 experiencing slight declines while the Dow Jones Industrial Average edged higher. The US Dollar Index traded marginally up at 103.97. Meanwhile, West Texas Intermediate (WTI) and Brent crude prices witnessed marginal declines, trading at <keyword id="19944038" type="General" weightage="20" keywordseo="usd" source="keywords">USD</keyword> 76.32 and USD 81.48, respectively. In Asia-Pacific trading, markets displayed mixed performance, with the Asia Dow up by 0.25 per cent, Nikkei 225 in the green by 0.39 per cent, Hang Seng index down by 0.10 per cent, and Shanghai Composite up by 0.55 per cent. Providing insight into investor activity, foreign institutional investors purchased shares worth a net Rs 1,276.1 crore, while domestic institutional investors bought shares worth a net Rs 176.7 crore on February 23, 2023, according to NSE data. As the trading day progresses, market participants will closely monitor developments, both domestically and globally, for cues on market direction and investor sentiment. (ANI)

Stocks dive at opening bell: Sensex-Nifty start trading day in red territory

A notable one among youngest millionaires, Ola Founder Bhavish Aggarwal is an inspiring personality who rose to fame through luck, smart work as well as hard work. Here are a few interesting facts about Bhavish Aggarwal, you might not have known so far. A native of Punjab Bhavish Aggarwal was born in Punjab on 28 August 1985. He is an independent entrepreneur in every sense of the term. In an important turn in his life, he co-founded Ola cabs. A former student of IIT, Bombay Bhavish completed his bachelor’s degree in computer science from Indian Institute of Technology (IIT) Bombay. Starting off his career Microsoft gave the first platform for Bhavish to start his career. He worked with this company for about 2 years. During his tenure, he filed two patents. He too published 3 papers in international journals. Founded Ola cabs In the year 2011, Bhavish co-founded Ola Cabs with Ankit Bhati in Mumbai. Within a time span of four years, Bhavish and his co-founder Ankit Bhati were the youngest to be listed among the richest Indians for the year 2015. How Ola Cabs came up In one of his business journeys, Bhavish travelled from Bangalore to Bandipur. He rented out a car and the entire episode ended up in a bad tone. The driver stopped on the way and started demanding more than what was agreed upon initially. When he was refused, the driver abandoned him on the way before the destination. Bhavish understood this was the plight faced by several other travelers booking cars. Bhavish wished to find a car rental company that will assure a great customer experience combined with economical prices. Tapped the potentials in car booking Bhavish foresaw great potential in car booking business. In 2010, he co-founded Ola Cabs with Ankit Bhati. His parents in fact did not like the idea of Bhavish jumping into a sort of travel booking agent’s job. Nevertheless, when Ola Cabs received its first round of funding from two angel investors, Bhavish’s parents started believing that he has some workable ideas. The Ola Cabs model Ola Cabs did not resort to the model of buying and renting its own cars. Instead, it partnered with a number of taxi drivers and moved the entire set up to a sophisticated step forward. As per the Ola Cabs model, people could book cars within a short while from the comfort of their phones. The bookings that were accepted were half or full-day rentals and also outstation taxi services. Ola Cabs offers the widest set of options to the customers including Mini, Prime, and Luxury. The most economical cabs Right from the time of its inception, Ola Cabs depended on SoftBank for is funding needs besides pooling investments from Angel Investors. They also started charging lesser than what the auto-rickshaws charged. Ola Cabs offered taxi bookings for dead cheap prices at Rs.10 per km. Ola Cabs expansion Ola Cabs has recently ventured into providing auto-rickshaw booking services following the launch of Ola Auto. It is now possible for customers to find autos on-demand on the Ola Auto app. Read Also about other Personalities - <a href="https://www.businessinsider.in/10-interesting-facts-about-ratan-tata-that-you-should-know/articleshow/69914798.cms">Facts about Ratan Tata</a> <a href="https://www.businessinsider.in/interesting-facts-about-oyo-founder-ritesh-agarwal/articleshow/70417612.cms">Ola founder Ritesh Agarwal</a> <a href="https://www.businessinsider.in/unknown-facts-about-flipkart-founder-sachin-bansal/articleshow/70494717.cms">Flipkart founder Sachin Bansal</a>

Interesting facts about Ola founder Bhavish Aggarwal

Ratan naval Tata is the chairman emeritus of Tata Sons. He was formerly the chairman of the Tata Group. One of the topmost and popular businessmen in India, Ratan Tata also has many other aspects about him that are worth knowing. Here are ten interesting facts about Ratan Tata, his personality and achievements that are worth knowing. Ratan tata father was an adopted son and Tata was raised by his grandmother Ratan Tata’s father Naval Tata was the adopted son of Ratanji Tata and Navajbai Tata. Earlier Naval Tata was growing in J.N. Petit Parsi Orphanage. Navajbai Tata, the grandmother of Ratan Tata was very fond of him. When Ratan Tata was just 10 years old, his parents got separated in 1940 and then he was raised by his grandmother. Ratan Naval Tata loves dogs so much Since the days of JRD Tata, the Bombay House, the Headquarters of Tata Sons has a tradition of letting stray dogs in during rains. After its recent renovation, the Bombay house now has a kennel for stray dogs. This kennel is equipped with toys, play area, water and food. Continuing the tradition, Ratan Tata has an extreme love for these canines. He has two pet dogs that he takes care so fondly namely Tito and Maximus. Ratan Naval tata first job Ratan Tata’s first job was at the Tata Steel which he took up in the year 1961. His first responsibility was to manage the blast furnace and shovel limestone. Ratan Naval Tata steered the Tata Group towards bright prospects Becoming the chairman of the Tata Group in 1991 in his 21 , he brought international recognition for the Tata Group. All this was possible through his pragmatic business skills. Championed some historical mergers Ratan Tata accomplished some historical mergers for his company including Land Rover Jaguar with Tata Motors, Tetly with Tata Tea and Corus with Tata Steel. All these mergers played a significant role in the Tata Group’s phenomenal growth. Keen in keeping up promises Nano cars are the dearest project of Ratan Tata. In 2009, he promised to make a car that would cost only a lakh rupee. He spared the best of his efforts to keep up his promise to society. Has a good collection of cars Ratan naval Tata is highly fond of cars. He has a wonderful collection of high-end cars including Ferrari California, Cadillac XLR, Land Rover Freelander, Chrysler Sebring, Honda Civic, Mercedes Benz S-Class, Maserati Quattroporte, Mercedes Benz 500 SL, Jaguar F-Type, Jaguar XF-R, and some others. Ratan Tata is a skilled pilot Ratan Tata loves flights and flying. He is a skilled pilot. Ratan Tata was the first Indian to pilot F-16 Falcon in 2007. Donated $50 million to Harvard Business School In 2010, Ratan Tata pooled up a sum of $50 million to construct an executive centre for the Harvard Business School from where he received his collegiate education. The hall was named Tata Hall. Ratan tata leadership grew the Group’s revenues phenomenally Under his able leadership, the revenues of the Tata Group grew more than 40 times. The profits abounded by over 50 times. The company that made only $5.7 billion in 1991 made around $103 billion in 2016. Read Also about other Personalities - <a href="https://www.businessinsider.in/interesting-facts-about-ola-founder-bhavish-aggarwal/articleshow/71186840.cms">Ola Founder Bhavish Aggarwal</a> <a href="https://www.businessinsider.in/interesting-facts-about-oyo-founder-ritesh-agarwal/articleshow/70417612.cms">Ola founder Ritesh Agarwal</a> <a href="https://www.businessinsider.in/unknown-facts-about-flipkart-founder-sachin-bansal/articleshow/70494717.cms">Flipkart founder Sachin Bansal</a>

Ratan Tata - 10 Interesting facts about Ratan Tata that you should know

After taxi and auto services, Ola is now preparing to start shuttle bus services and is aggregating tourist and chartered buses for the same. 
 
In a bid to emerge as a complete urban transport solution provider, Ola is expected to launch the bus service in next two months. Like other services, Ola Bus will also be integrated in the same app from which people choose between autos and cabs. 
 
Bhavish Aggarwal, co-founder and CEO of Ola, in a statement, said Ola is focussed on building mobility for a billion people. 
 
A senior company executive told Economic Times that Ola will not own any of the buses and use tourist and chartered busses to aggregate supply. 
Reportedly, Ola’s estimated worth is around Rs 15,700 crore, or $2.5 billion. 
 
"Passengers will be able to make bookings by entering the desired destination and time preference; the app will then indicate the closest bus with available seating,” the senior executive told ET. 
 
Sundeep Sahni, a vice-president for new initiatives, would rollout the bus services. 
 
As per the experts, Ola's bus service will expand its user base and boost revenue. 
 
Founded by IIT-Bombay graduates Bhavish Aggarwal and Ankit Bhati, the five-year-old startup is estimated to clock a revenue run rate of around $450-500 million, and is aiming for gross revenue of $1 billion by the end of 2015. 
 
"They started with taxis and moved to autos. The company wants to establish itself as a transport technology platform rather than be dependent on one mode," Jaspal Singh, cofounder of Valoriser Consultants, a market research firm for transport companies told the financial daily. 
 
As per reports, nearly 1.5 lakh buses transport around 70 million people every day and 23 million people travel by train. 
 
Apart from venturing into several new categories, including food and grocery delivery, Ola is presently working on carpooling, ecommerce on-demand deliveries and logistics. 
 
(Image: Indiatimes)

You may soon be hopping on to an Ola-bus!

The rumours about <keyword id="6354720" type="PERSON" weightage="20" keywordseo="Ola">Ola</keyword> cabs taking over <keyword id="1428790" type="COMPANY" weightage="20" keywordseo="TaxiforSure">TaxiForSure</keyword> were doing rounds for quite some time now, but today they have come to an end. According to a company press release, Ola, India’s leading mobile app for personal transportation, has acquired TaxiForSure, India’s second largest cab aggregator, for $200 mn in a cash and equity deal. With this acquisition, investors in TaxiForSure— Accel Partners, Bessemer Venture Partners and Helion Venture Partners—will roll over their stock into Ola. Presently, Ola has been funded by Tiger Global, Matrix Partners, <keyword id="270604" type="ENTERTAINMENT" weightage="20" keywordseo="Sequoia">Sequoia</keyword> Capital, Steadview Capital and most recently, <keyword id="163404" type="COMPANY" weightage="20" keywordseo="Softbank">Softbank</keyword> over its four rounds of fund-raising. It’s worth noting that even after the deal, Ola and TaxiForSure will continue to operate as separate entities. The leadership and all of the 1,700 employees shall continue to work with TaxiForSure, with <keyword id="359392" type="PERSON" weightage="20" keywordseo="Arvind-Singhal">Arvind Singhal</keyword> (currently COO) being appointed the CEO. Aprameya Radhakrishna and Raghunandan G, the founders of TaxiForSure, will contribute in an advisory role for a certain period. TaxiForSure is currently in 47 cities with over 15,000 vehicles registered on its platform. Commenting on the deal, <keyword id="1543567" type="COMPANY" weightage="20" keywordseo="Bhavish-Aggarwal">Bhavish Aggarwal</keyword>, co-founder and CEO, Ola, said, “Ola and TaxiForSure share the same vision of revolutionising urban mobility. TaxiForSure has a great team and they have built a very exciting business in a short time. There's a lot of complementary value in the strategy TaxiForSure has followed. I'm very excited to welcome the TaxiForSure team onboard and look forward to working with them towards realising our common vision.” 

	Raghunandan G, co-founder and CEO, TaxiForSure, said, “TaxiForSure coming together with Ola will provide us with more opportunity than ever, to do what we do best. Post this acquisition; the combined entity will be strong enough and better capitalized to offer the best value to all our stakeholders, including our customers. This development ensures that industry attractiveness is preserved and the combined entity can race ahead and continue to create unprecedented value for all stakeholders.”

Ola has sealed the TaxiForSure deal for $200 mn

The race between two taxi aggregators, Ola and <a href="http://www.businessinsider.in/searchresult.cms?query=uber">Uber</a>, is getting interesting and full of sharp turns. 
 
The valuation of Ola, which is the number one app-only taxi booking company in India, has increased now. After the recent $500 million, or Rs 3,300 crore fundraise, Ola is now a $5 billion firm. 
 
This funding round was important for Ola, whose value was $2.5 billion in April, to overpower Uber. 
 
Ola is penetrating into Indian market like never before and has operations in over 100 cities, getting most of the revenue from 20 cities including Delhi, Mumbai and Bengaluru. 
 
Among others, one of the major investors of Ola was China's biggest taxi aggregator Didi Kuaidi, which is looking to dethrone Uber globally. 
 
“As we pursue our mission to build mobility for a billion people, we are excited about bringing onboard partners who can help us get there faster. We will continue to build for the local market through innovative solution,” said cofounder and chief executive Bhavish Aggarwal. 
Meanwhile, Uber, which is world's most valuable startup with an estimated worth of about $50 billion, is closing in the gap and is also said to invest $1 billion in India. 
 
Both, Ola and Uber, have nearly 2,50,000 drivers in India. 
 
(Image: Indiatimes)

Ola raises $500 million, race with Uber takes top gear

India’s number one app-only cab service, Ola, has roped in Infosys veteran Rajiv Bansal as its chief financial officer. 
 
Mitesh Shah, who is currently the CFO at Ola, will now lead strategic finance initiatives. 
 
"Rajiv's understanding and expertise in the finance domain is extremely valuable for us at this juncture of growth," said Bhavish Aggarwal, cofounder and CEO, Ola. 
 
The race between two taxi aggregators, Ola and Uber, is getting interesting and full of sharp turns. 
 The <keyword id="3150948" type="UNKNOWN" weightage="20" keywordseo="valuation-of-Ola">valuation of Ola</keyword>, which is the number one app-only taxi booking company in India, has increased now. After the recent $500 million, or Rs 3,300 crore fundraise, Ola is now a $5 billion firm. 
 
This funding round was important for Ola, whose value was $2.5 billion in April, to overpower Uber. 
 
Ola is penetrating into Indian market like never before and has operations in over 100 cities, getting most of the revenue from 20 cities including Delhi, Mumbai and Bengaluru. 
 
Among others, one of the major investors of Ola was China's biggest taxi aggregator Didi Kuaidi, which is looking to dethrone Uber globally. 
 
"As we pursue our mission to build mobility for a billion people, we are excited about bringing onboard partners who can help us get there faster. We will continue to build for the local market through innovative solution," cofounder and chief executive Bhavish Aggarwal had said. 
 
Meanwhile, Uber, which is world's most valuable startup with an estimated worth of about $50 billion, is closing in the gap and is also said to invest $1 billion in India. 
 
Both, Ola and Uber, have nearly 2,50,000 drivers in India.

Infosys’ Rajiv Bansal is Ola’s new Chief Financial Officer

In a bid to beat its competitors or at least be equal to them, online marketplace <a href="http://www.businessinsider.in/searchresult.cms?query=shopclues">Shopclues</a> is reportedly looking to raise $150-200 million (Rs 990-1,320 crore) at a valuation of $650-700 million. 
 <keyword id="6357066" type="UNKNOWN" weightage="20" keywordseo="ShopClues">Shopclues</keyword>, which is behind <a href="http://www.businessinsider.in/searchresult.cms?query=flipkart">Flipkart</a>, <a href="http://www.businessinsider.in/searchresult.cms?query=snapdeal">Snapdeal</a> and Paytm, is also mulling to foray into IPO. 
 
In January this year, Shopclues had raised $100 million from New York-based hedge fund Tiger Global Management that valued it at $350 million. 
 
As per reports, <a href="http://www.businessinsider.in/searchresult.cms?query=Tiger+Global+Management">Tiger Global Management</a> is expected to re-invest in Shopclues. 
 
The four-year-old company, Shopclues, may have little difficulty in raising expected <a href="http://www.businessinsider.in/searchresult.cms?query=fundraising">funds</a> as in the current scenario, the investors have become more focussed on business models. 
 
Chief Business Officer at Shopclues, Radhika Aggarwal, said what differentiates Shopclues from others is margins, sellers and unstructured categories. 
 
According to Aggarwal, Shopclues aims to end fiscal 2015-16 with $1.2 billion in annual Gross Merchandise Value (GMV). 
 "We ship almost one-third the orders of Flipkart and half the orders of <keyword id="541988" type="COMPANY" weightage="20" keywordseo="SnapDeal">Snapdeal</keyword> and our entire employee strength is about 850. 
GMV/revenue/number of orders created per employee is significantly higher than the competition,” she told ET. 
 
On IPO dreams, director on the board of Shopclues, Sanjeev Aggarwal, said, “We feel we could be the first ecommerce company to go public.” 
However, the company has not submitted documents for an IPO with the SEBI. 
 Shopclues was founded in <keyword id="6357722" type="COMPANY" weightage="20" keywordseo="silicon-valley">Silicon Valley</keyword> in 2011 and started India operations after seven months from Gurgaon. 
 
(Image: Thinkstock)

Shopclues wants to achieve its billion dollar dream, eyes raising Rs 1320 crore through funding, IPO

<ul><li><keyword id="6354720" type="UNKNOWN" weightage="20" keywordseo="ola">Ola</keyword> believes this allocation will reward Ola’s ‘high impact’ employees. </li><li>The company claims to have seen a strong recovery in its ride hailing business. </li><li>Earlier this month, Ola raised $500 million in a pre-IPO round.</li></ul>Ride hailing giant Ola has expanded its employee stock option plan (<keyword id="120103" type="PERSON" weightage="20" keywordseo="Esop">ESOP</keyword>) pool to ₹3,000 crore. It has also allotted an additional ₹400 crore worth stock to employees ahead of its initial public offering (IPO), the company said in a press statement on Wednesday. ESOPs are employee benefit plans to offer employees a limited number of shares in the company. The company believes that this allocation will reward Ola’s high impact employees and lead to a long-term wealth creation for them. “Our expanded ESOP programme, along with the fresh stock allocation of ₹400 crore, enables our key talent to participate in the long term wealth creation opportunities generated by their innovations and the impact they create. It will also reinforce their sense of ownership and align their growth with that of the company as we continue to accelerate the world’s transition to sustainable mobility” said Bhavish Aggarwal, Ola’s cofounder and chief executive. Ola, in its press note, also highlighted that the company has seen strong recovery in its ride hailing business over the last several months. The company was severely hit by the first wave of COVID-19, as its revenue declined by 95% in April-May 2020. This led to layoffs in the company, impacting over<a href="https://www.businessinsider.in/business/startups/news/ola-fired-1400-employees-as-revenue-is-hit-by-95-in-the-last-two-months/articleshow/75843656.cms"> 1,400</a> employees in May 2020. The Bengaluru-based startup got the wheels for its IPO rolling earlier this month, when it raised <a href="https://www.businessinsider.in/business/startups/news/ola-app-raises-500-million-from-temasek-and-warburg-ahead-of-ipo/articleshow/84261607.cms">$500 million from investment titans</a> Temasek and Warburg Pincus in a pre-IPO round. The company’s chief executive Aggarwal also infused an undisclosed amount in the startup in his personal capacity. The company was founded in 2010 by Aggarwal and Ankit Bhati. It has marked its presence across three continents. It has raised $4 billion to date from marquee investors like SoftBank, Tencent, Steadview Capital, Eternal, Sailing Capital, China Eurasian Economic Cooperation Fund and others. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/droom-automobile-marketplace-raises-200-million-in-a-pre-ipo-round-at-unicorn-valuation/articleshow/84818567.cms" data-type="tilCustomLink" style="">Automobile marketplace Droom is raising $200 million in a pre-IPO round at unicorn valuation</a> <a href="https://www.businessinsider.in/business/startups/news/the-whole-truth-a-healthy-packaged-food-brand-raises-6-million-from-sequoia-capital/articleshow/84815594.cms" style="">The Whole Truth, a ‘healthy’ packaged food brand, raises $6 million to enter new categories</a> <a href="https://www.businessinsider.in/stock-market/news/rolex-rings-ipo-opens-on-july-28-and-closes-on-july-30-with-a-price-band-of-880-900/articleshow/84813639.cms" style="">Rolex Rings IPO opens today with a price band of ₹880-900</a>

Ola expands ESOP pool to ₹3,000 crore, issues stock worth ₹400 crore to employees

New Delhi, Nov 22 () A clutch of Indian vendors of Bharat Sanchar Nigam Ltd (BSNL) on Friday sought the telecom department's intervention for release of outstanding dues of nearly Rs 1,600 crore, pertaining to Bharat Net II project.
 These companies, which have sought intervention of Department of Telecom (DoT) Secretary Anshu Prakash, said they are "deeply troubled" over non-payment of dues and sought immediate release of outstanding payments.
 The companies that have approached the DoT flagging their concerns on pending dues include Sterlite, Tejas, Paramount Wires And Cables Ltd (PWCL), Aksh Optifibre, Finolex among others, and the dues run into Rs 1,600 crore, said Sandeep Aggarwal, Managing Director of Paramount Communications.
 "The dues are towards supply of cable, electronics and pipes and are linked to Bharat Net II project," Aggarwal, who is also the Chairman of Telecom Committee of PHD Chamber of Commerce and Industry, told reporters.
 The Union Cabinet had, last month, approved a plan to combine MTNL - which provides services in Mumbai and New Delhi - with BSNL that services the rest of the nation.
 It also approved a Rs 69,000-crore revival package, including monetising their assets and giving VRS to employees.
 The package includes infusion of Rs 20,140 crore for purchase of 4G spectrum, Rs 3,674 crore for GST to be paid on spectrum allocation, companies raising Rs 15,000 crore in debt on the sovereign guarantee and government funding Rs 17,160 crore VRS and another Rs 12,768 crore towards retirement liability.
 The two firms will also monetise assets worth Rs 37,500 crore in the next three years. MTNL has reported losses in nine of the past 10 years and BSNL too has been ringing in loss since 2010. The total debt on both companies stood at Rs 40,000 crore, of which half of the liability is on MTNL alone. MBI MBI ANU
ANU

BSNL vendors seek DoT intervention over Rs 1,600 cr dues linked to Bharat Net 2

New Delhi, Jan 17 () IT major HCL Technologies on Friday posted a 13 per cent rise in its consolidated net profit at Rs 2,944 crore for the December 2019 quarter and said it expects to clock up to 17 per cent growth in FY20 revenue on the back of pipeline being at a "historic peak".
 The company had registered a net profit of Rs 2,605 crore in the year-ago period as per Indian Accounting Standards. Its revenue from operations grew 15.5 per cent to Rs 18,135 crore in the quarter under review, from Rs 15,699 crore in the year-ago period.
 "We have once again delivered a great quarter...this quarter, we have crossed an annualised run rate of USD 10 billion. Our pipeline stands at an all-time high, we are expecting a higher conversion of this pipeline to booking in this quarter," HCL Technologies President and CEO C Vijayakumar told reporters here.
 The company's CFO Prateek Aggarwal said the company has narrowed its revenue growth outlook to 16.5-17 per cent for 2019-20 in constant currency terms, from its previous forecast of 15-17 per cent topline growth in constant currency terms.
 "We had earlier guided to a wider range of about 15-17 per cent but now that we have only one quarter to go and we have better visibility, we have narrowed down the range...it is coming from both sides - organic and inorganic," he added.
 Compared to HCL Technologies' performance, Wipro had posted 2.2 per cent growth in its IT services revenue (USD 2.09 billion). It expects its March quarter IT services revenue growth to be flat to 2 per cent.
 HCL Technologies' larger rival Infosys - which announced its results last week - had also revised its revenue guidance for the fiscal to 10-10.5 per cent topline growth helped by double digit growth year-to-date.
 India's largest IT services company Tata Consultancy Services announced its results on Friday. Posting a 6.7 per cent rise in topline in December 2019 quarter, the Mumbai-based company said it had closed deals worth USD 6 billion during the said quarter. However, TCS also made it clear that it will not be able to notch a double-digit revenue growth in FY20.
 For HCL Technologies, the strong performance of HCL Software was driving growth for the Products and Platform segment of the company.
 "Inorganic guidance was 5-6 per cent earlier and that is now at 6 per cent. For organic, which we had said would be 10-11 per cent, now we are revising to 10.5-11 per cent," Vijayakumar explained.
 In December 2018, HCL Technologies had inked an agreement to acquire select IBM software products for Rs 12,252 crore (about USD 1.8 billion), including earnouts of Rs 1,035 crore (USD 150 million). The company closed the deal on June 30, 2019.
Vijayakumar said during the December 2019 quarter, the company had entered into a preferred business partnership with Google.
 "We have established Google cloud business unit and we look forward to winning a lot more cloud opportunities with the addition of Google as an ecosystem partner for us," he added.
 Talking about the demand environment, Vijayakumar said the pipeline is at "historic peak".
"So I am very optimistic about overall demand environment. There could be some verticals where there could be some kind of softness but broadly across it's very good. The pipeline is fairly robust in the US, Europe in line with our revenue contributions. So overall (we are) very positive about the overall demand environment," he added.
HCL Technologies' board has declared a dividend of Rs 2 per share.
Vijayakumar said on a year-year basis, five of the seven verticals posted double-digit growth, while life sciences and healthcare delivered a high-single digit y-o-y growth.
He said growth was led by manufacturing at 38.1 per cent y-o-y, energy, utility and public services at 31.3 per cent, retail CPG at 16.9 per cent, financial services at 16.8 per cent, and telecom and media at 13.6 per cent.
 In terms of geographies, the US, Europe and Rest of World (RoW) experienced double digit growth on a y-o-y basis in constant currency. RoW lead the growth with 27.3 per cent y-o-y growth in constant currency.
 In dollar terms, the net profit grew 17.2 per cent to USD 426.5 million for the December 2019 quarter, while revenue surged by 15.5 per cent to USD 2.5 billion as compared to the year-ago period, as per the US Generally Accepted Accounting Principles.
 The company added 11,502 employees (gross) during the quarter to take its total head count to 1,49,173 at the end of the December 2019 quarter. Attrition on last 12-month basis stood at 16.8 per cent.
 The results were announced after trading hours. Shares of the company on Friday closed at Rs 598.8 apiece, up marginally from their previous close on the BSE. SR MBI
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