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New Delhi, <keyword id="4393078" type="General" weightage="20" keywordseo="Ola-Electric" source="Orion">Ola Electric</keyword> on Thursday said it has raised Rs 3,200 crore from Temasek-led investors and State Bank of India. The company announced the successful closure of the funding round from Temasek-led investors and State Bank of India. The funds raised would be utilised towards expansion of <keyword id="6354720" type="General" weightage="20" keywordseo="Ola" source="Orion">Ola</keyword>'s EV business and setting up India's first lithium-ion cell manufacturing facility at Krishnagiri, Tamil Nadu, the company said in a statement. The Bengaluru-based firm aims to accelerate its growth by ramping up its two-wheeler manufacturing capacity, launching electric motorcycles followed by electric cars and fast-tracking the construction of gigafactory, it added. "At Ola, our vision is to end ICE (internal combustion engine) age in automobiles and our upcoming gigafactory will be a big leap in India's journey towards becoming a global EV hub. We are committed towards developing core technologies in EVs and cell and are rapidly scaling up manufacturing to further accelerate the transition to sustainable mobility," Ola Electric Founder &amp; CEO Bhavish Aggarwal said. Ola Electric was selected by the government under its ambitious cell PLI scheme, receiving a maximum capacity of 20 GWh.

Ola Electric raises Rs 3,200 cr to fund EV business

<ul><li>Ola is piloting its self-driving car rental service in India. </li><li>Sources suggest that Ola will be pumping in $500 million into the segment. </li><li>Earlier in March, Hyundai Motor Company and Kia Motors Corporation made their biggest combined investment to date of $300 million into Ola. </li></ul>Indian ride-hailing startup Ola is rapidly moving beyond its core service of being a cab aggregator. After making inroads into e-mobility, it is now launching a self-drive service. Ola is set to start its self-drive service by pumping in $500 million, a source told Business Insider. Confirming the news, an Ola spokesperson told Business Insider, “Basis market feedback, we are piloting our Ola Self-Drive offering in various formats like rentals, subscription and corporate leasing in select cities in the coming weeks. This space is currently underserved and there exists a tremendous opportunity to build a superior experience through an integrated mobility platform like Ola.” The self-drive car rental service will put Ola in direct competition with Zoomcar and Drivezy, while pushing forward Ola’s existing fleet business. Ola Fleet Technologies Pvt Ltd also looks into asset optimization and management. Ola is planning to take this launch to its top seven cities – Bengaluru, Delhi, Mumbai, Chennai, Hyderabad, Pune and Kolkata – with over 10,000 vehicles including luxury sedans and SUVs under the Ola Self-drive category. The company is taking this self-drive category to Ola’s 150 million+ consumers in the country will make it the largest self drive business in India, the source added. By understanding consumer demand, Ola will look at introducing more car types into the self-drive category. They are also looking at growing the business through a subscription model for consumers and reaching out to corporates. Earlier this month, Hyundai Motor Group and Ola announced a strategic partnership under which Hyundai Motor Company and Kia Motors Corporation made their biggest combined investment to date of $300 million. “As part of the strategic collaboration, the companies have agreed to co-create solutions to operate and manage fleet vehicles, marking the Group’s first foray into the industry, as they expand operations from automobile manufacturing and sales to total fleet solutions,” Ola had said in an official statement. 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/after-minting-1-billion-from-flipkart-sale-sachin-bansal-is-now-betting-big-on-ola/articleshow/67526383.cms">Watch out Uber. Sachin Bansal gets Ola share after selling Flipkart</a>

Ola will race Zoomcar in self-drive car rentals with a $500 million bet

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

<ul><li>HR Director <keyword id="14299448" type="General" weightage="20" keywordseo="ranjit-kondeshan" source="Orion">Ranjit Kondeshan</keyword> quits as a top executive.</li><li>Ola witnessed 31 top-level resignations and 40 new postings since 2020.</li><li>The high-profile exits come at a time when Ola is reportedly planning its IPO this year.</li></ul>The resignation drive of senior executives at <keyword id="4393078" type="General" weightage="20" keywordseo="ola-electric" source="Orion">Ola Electric</keyword> continues and now, its Director HR Ranjit Kondeshan has decided to move on. According to sources, Kondeshan would depart from Bhavish Aggarwal-run electric mobility company on July 2, just 14 months after joining. According to his LinkedIn profile, Kondeshan joined Ola Electric Mobility from Visa where he worked for three years in Mumbai. Before Visa, he was Senior HR Manager at Bajaj Allianz Life. Ola Electric, facing a government probe in battery fires along with other EV players, has seen some high-profile exits in recent months. Nidhi Chaturvedi Jha quit Ola Electric as regional head in May and joined Amazon. In April, chief marketing officer Varun Dubey left the company due to "personal reasons". Earlier, Dinesh Radhakrishnan, who was the chief technology officer (CTO) at Ola Electric, moved on from the company. According to his LinkedIn profile, he was appointed CTO at Ola Electric in May last year. Meanwhile, Arun Sirdeshmukh who was head of Ola Cars, which is the used car commerce division of the company, announced his departure from the company. The high-profile exits come at a time when Ola is reportedly planning its IPO this year at a lower valuation than planned earlier as several startups' IPOs have proved to be a nightmare for the investors. Ride-hailing platform Ola this week shut down its used vehicle business Ola Cars 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 Ola Cafe, food panda, Ola Foods, and now Ola Dash. Ola now aims to invest more towards its electric car, cell manufacturing, and financial services businesses. SEE ALSO: <a href="https://www.businessinsider.in/retail/news/lays-kurkure-and-bingo-are-taking-over-indian-snacks-like-aloo-bhujia/articleshow/92508625.cms">Lay’s, Kurkure and Bingo are taking over Indian snacks like Aloo Bhujia, Murukku</a> <a href="https://www.businessinsider.in/tech/enterprise/how-it-works-internet-of-things-iot-for-manufacturing/articleshow/92509382.cms">How IT Works: Internet of Things (IoT) for manufacturing</a>

Ola Electric’s HR Director quits after fourteen months as top executives depart

<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>Ola launched <keyword id="2761554" type="UNKNOWN" weightage="20" keywordseo="OLA-DRIVE">Ola Drive</keyword>, its self-drive car sharing service.</li><li>Ola Drive will initially be available in Bengaluru.</li><li>It is also offering short-term rentals like for two hours for a deposit of ₹ 2,000.</li></ul>Ola has launched its self-drive car sharing service called Ola Drive. The service will be available in Bengaluru initially but will be expanded to Hyderabad, Mumbai, and New Delhi soon after. In March, Ola <a href="https://www.businessinsider.in/ola-will-race-zoomcar-in-self-drive-car-rentals-with-a-500-million-bet/articleshow/68614269.cms">confirmed</a> the launch of its self drive service to Business Insider. It kickstarted this offering by pumping in $500 million, a source had then told Business Insider. “India’s car-sharing market has immense potential and opportunity, which is yet to see a large-scale investment in technology and operations to make the model viable. Our expertise in serving millions of customers through a large fleet of vehicles across 250 plus cities has been instrumental in making ride-hailing a norm in India. Ola Drive has been built on the same DNA and will play a transformative role in defining India’s car-sharing market in the next decade,” Arun Srinivas, Chief Sales and Marketing Officer at Ola, said. Now, Ola claims that its self drive service will be 30% cheaper than its competitors in the market like <keyword id="6368965" type="UNKNOWN" weightage="20" keywordseo="zoomcar">Zoomcar</keyword>. It is also offering short-term rentals like for two hours for a deposit of ₹ 2,000. It will also allow users to design their own package – from number of kilometres to hours of rental. The self-drive car rental service will put Ola in direct competition with Zoomcar and Drivezy, while pushing forward Ola’s existing fleet business. See Also: <a href="https://www.businessinsider.in/ola-will-race-zoomcar-in-self-drive-car-rentals-with-a-500-million-bet/articleshow/68614269.cms">Ola will race Zoomcar in self-drive car rentals with a $500 million bet</a>

Ola’s new self-driving service is priced 30% lower than competitors

Ride-hailing major <keyword id="6354720" type="General" weightage="100" keywordseo="ola" source="Orion">Ola</keyword> on Monday clarified that nearly 200 engineers, including some in the software vertical, have been asked to go from its 2,000-strong engineer workforce -- 10 per cent of the headcount -- as part of a larger restructuring exercise towards its electric dream. The company denied sacking 500 employees, adding that it is "centralising operations and is undertaking a restructuring exercise to minimise redundancy and build a strong lateral structure that strengthens relevant roles and functions". CNBC first reported that nearly 500 employees are being laid off from the various software verticals of <keyword id="21936" type="General" weightage="50" keywordseo="ani" source="Orion">ANI</keyword> technologies which operates as <keyword id="6362049" type="General" weightage="50" keywordseo="ola-cabs" source="Orion">Ola Cabs</keyword>. "The company currently has around 2,000 engineers and aims to increase its engineering talent pool to 5,000 over the next 18 months," said the ride-hailing company. The Bhavish Aggarwal-run company has nearly 1,100 employees in its core ride-hailing business. Earlier restructuring exercises impacted employees across product, marketing, sales, supply, tech, business, and operations verticals at the company, affecting nearly 500 employees that "were a result of restructuring in the Cars and Dash businesses". The ride-hailing major recently shut down its used vehicle business <keyword id="3295694" type="General" weightage="50" keywordseo="ola-cars" source="Orion">Ola Cars</keyword>, as well as its quick-commerce business, <keyword id="13052888" type="General" weightage="50" keywordseo="ola-dash" source="Orion">Ola Dash</keyword>, as the company shifted focus on its electric two-wheeler and car verticals. Ola said it plans to hire 5,000 engineers as it doubles down on new engineering verticals and strengthens capabilities across vehicle, cell, battery, manufacturing and autonomous streams. However, <keyword id="4393078" type="General" weightage="50" keywordseo="ola-electric" source="Orion">Ola Electric</keyword>'s sales are diminishing and it sold 3,421 EV two-wheelers in August, a drop from 3,862 units the company sold in July. More than half a dozen senior executives have quit Ola Electric in recent months while over 30 senior executives have left Ola in the past two years. Recently, Ola Electric's head of advanced battery engineering, Ashok Saraswat, moved on. Saraswat, who joined SoftBank-backed Ola last year, is reportedly joining a company that is entering the battery business. As EV two-wheeler sales drop amid battery fire fears, Okinawa Autotech, PureEV and Ola Electric recalled 6,656 vehicles after the battery explosion incidents increased in the country. The government has said it is extra vigilant about the safety standards of EVs and experts are on the job. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/ev-battery-can-charge-in-three-minutes-a-harvard-backed-company-claimed/articleshow/94295446.cms">Harvard-backed company makes an EV battery that fully charges in three minutes</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/ola-laying-off-500-employees-from-its-software-verticals-report/articleshow/94294728.cms">Ola laying off 500 employees from its software verticals: Report</a>

Laying off 200 engineers to 'centralise' operations, clarifies Ola

<ul><li><keyword id="6354720" type="UNKNOWN" weightage="20" keywordseo="ola">Ola</keyword>’s recently concluded Campus connect challenge saw 6000 registrations. </li><li>Students had to present business cases across Ola’s four focus areas – mobility, self-driven cars, dark kitchens in food business and financial services. </li><li>Ola plans to hire 150 students from premier institutes across India this year. </li></ul>Indian ride hailing unicorn Ola had recently conducted a campus connect challenge which received 6,000 registrations from students across India’s top business schools. Through the challenge, students were asked to submit project ideas/proposals across four business cases – mobility, self-driven cars, dark kitchens in food business and financial services. The winners of the challenge were Garima Pandey and Dimple Chandra from Mudra Institute of Communications, Ahmedabad (MICA). They presented a solution for the unique problem of streamlining driver partners and customer transactions at airports across cities. Ola is also an active campus recruiter. This year, the company plans to hire 150 students from premier institutes across India. “Ola strives to create a growth-led, entrepreneurial culture, where employees get to jump in head first and take control of their career paths very early on. They are encouraged to solve the real world business and technology problems across diverse verticals like mobility, financial services, electric mobility, food, skilling amongst others,” said Rohit Munjal, CHRO at Ola.

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Ola Electric raises Rs 3,200 cr to fund EV business

PTI

Ola will race Zoomcar in self-drive car rentals with a $500 million bet

Sanchita Dash

Ola shuts it used car and quick commerce businesses

IANS

Ola Electric’s HR Director quits after fourteen months as top executives depart

IANS

Ola's talent acquisition head Shikharr Sood quits too

IANS

Ola’s new self-driving service is priced 30% lower than competitors

Sanchita Dash

Laying off 200 engineers to 'centralise' operations, clarifies Ola

IANS

Ola offers internships and a prize money of ₹3 lakhs to winners of its campus challenge

Sanchita Dash

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