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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="4393078" type="PERSON" weightage="20" keywordseo="Ola-Electric">Ola Electric</keyword> raised $250 million from Softbank to enter the unicorn club. </li><li>The subsidiary company of ride hailing unicorn Ola had earlier raised funds from <keyword id="6360722" type="UNKNOWN" weightage="20" keywordseo="ratan-tata">Ratan Tata</keyword>, Arun Sarin, Tiger Global, Matrix India and others. </li><li>Interestingly, all of these investors have also placed their bets on Ola.</li></ul>Ola Electric has become India’s latest unicorn after it raised $250 million from Softbank, according to filings sourced by paper.vc. Ola Electric Mobility , a subsidiary of the ride hailing unicorn Ola, has been in the news of late as India powers up its Electric Vehicle mission. In May, Ola Electric also raised funds from Arun Sarin, former Vodafone Group CEO and also from the Chairman Emeritus of Tata Group, Ratan Tata. In March, it had raised ₹4 billion from Ola’s existing and early investors – Tiger Global and Matrix India. Interestingly, most of the investors in Ola Electric are its parent company’s investors – from Softbank to Arun Sarin, Ratan Tata and even Tiger Global and Matrix India. “India can leapfrog problems of pollution and energy security by moving to electric mobility, create millions of new jobs and economic opportunity, and lead the world,” Bhavish Aggarwal, Co-founder &amp; CEO, Ola had said in March. Through Ola Electric, the company partnered with several equipment manufacturers and battery manufacturers, while looking to work with the automotive industry for solutions for electric vehicles. Ola had also recently announced its technology centre in the Bay Area, where it’s hiring over 150 engineers to develop next-generation technologies in mobility. 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/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>

Ola’s investors back its electric company – Ola Electric – welcome it to the unicorn club

<ul><li>Burgess is the man behind designs of the iconic Bentley Arnage, Aston Martin’s DB9 in the mid 2000s and more recently, the Jaguar XF, F-Type, F-Pace SUV, XE among others.</li><li><keyword id="4393078" type="PERSON" weightage="20" keywordseo="Ola-Electric">Ola Electric</keyword>, which is set to begin production of its first batch of electric two-wheelers, aims to produce bikes, cars and more.</li><li>In its EV mission, <keyword id="6354720" type="UNKNOWN" weightage="20" keywordseo="ola">Ola</keyword> had also recently announced its plan to set up charging stations across India.</li></ul>Cab-aggregator Ola’s ambitious electric vehicle (EV) arm has brought on board <keyword id="11198382" type="UNKNOWN" weightage="20" keywordseo="wayne-burgess">Wayne Burgess</keyword>, to design its vehicles. Burgess is the man behind the designs of Bentley Arnage, Aston Martin’s DB9 in the mid 2000s and more recently, the Jaguar XF, F-Type, F-Pace SUV, XE among others. In his most recent role in the automotive industry, Burgess was the head designer of the Jaguar F-type sports cars. “Wayne [Burgess] is a fantastic addition to our leadership team and will bring global appeal and a design aesthetic to our industry changing <keyword id="6354973" type="UNKNOWN" weightage="20" keywordseo="electric-vehicles">electric vehicles</keyword>. As the world moves to EVs, the vehicle form factors will be fundamentally reimagined. Wayne’s expertise in designing some of the most legendary vehicles will also be helpful in bringing these new form factors to consumers,” said Bhavish Aggarwal, chairman and group chief executive officer of Ola, in a statement. Ola Electric, which is set to begin production of its first batch of electric two-wheelers, aims to produce bikes, cars and more. The company plans to be the world’s largest two-wheeler manufacturing unit with a production capacity of 10 million vehicles by next year. This year, the company said it is starting production of two million vehicles from its plant set up in Tamil Nadu. In its EV mission, Ola had also recently announced its plan to set up charging stations across India. The company aims to have a network of over 400 cities with more than 100,000 charging points over the next few years. Ola Electric, is a subsidiary of the ride-hailing giant Ola group, and is a ‘unicorn’ in its own right. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/maruti-will-take-on-mm-hyundai-and-kia-in-suv-segment/articleshow/82370751.cms">Maruti wants to up its SUV game after Brezza’s success⁠ — that means taking on M&amp;M, Hyundai and Kia head on</a>

The designer for Bentley, Aston Martin and Jaguar will now work on Ola Electric's new models

<ul><li>Samsung is firing 1,000 employees in India as a part of its cost rationalisation programme to increase profits. </li><li>Apple TV+ is only going to hosting a handful of top tier shows in a bid to take on Netflix.</li><li>Even short-term exposure to smoking electronic cigarettes might be damaging brain stem cells.</li><li>Facebook and YouTube are on the Australian government’s radar and the country leads the charge against online terrorism. </li><li>Ola Electric has raised $250 million from Softbank making it the newest entrant to India’s unicorn club. </li><li>TikTok refutes Indian politician, Shashi Tharoor’s, claims that the app has been sharing data from India users with China. </li></ul>This is Tech Insider’s daily dose of <keyword id="35609" type="PERSON" weightage="20" keywordseo="tech-news">tech news</keyword> — everything that’s happening in tech that you need to know about today from Business Insider and its partner publications:

Today's top tech news: Samsung is firing 1,000 employees, Apple TV+ plans to beat Netflix with fewer shows and Australia puts Facebook and YouTube on notice in a fight against online terrorism

<ul><li><keyword id="6354720" type="UNKNOWN" weightage="20" keywordseo="ola">Ola</keyword> launched its services in two new cities in the UK – Coventry and Warwick.</li><li>Ola is currently operating in 9 cities in the UK.</li><li>It will also offer 50% off on all its rides for the first two weeks in the areas. </li></ul>Indian ride-hailing unicorn Ola expanded its offerings in the UK and launched in two more cities – Coventry and Warwick. With this, Ola is now operating in 9 cities in the UK. “We have learnt a great deal in the last twelve months since the launch, and feel immensely proud that our drivers have already provided over one million rides across the UK,” said Alok Pandya, Ola’s regional manager for the West Midlands, Coventry and Warwick. Ola will offer 50% off on all its rides in the first two weeks of its operations in these two cities. Coventry in UK is famous for its ‘black cabs’ for over 70 years now. It also incentivised the switch over to electric cabs. Ola seems to be honouring the tradition of black cabs by being the only app that can be used by both black cabs and private hire vehicles (PHVs) in the area. In March 2019, Ola expanded to Liverpool, Birmingham and Reading. Ola already made its presence felt in Australia and New Zealand before moving to Europe. Ola’s expansion news comes as the company is reportedly going for an IPO soon. The rumours of a possible IPO turned strong after it raised fresh funding of ₹35.88 crores from Seoul-based ARK Ola pre-IPO Fund. The Bhavish Aggarwal-led company has been actively entering new markets across the world, and had also recently set up a technology hub in the Bay Area.

Ola completes a million rides in the UK and expands to two more cities

<ul><li><keyword id="4393078" type="PERSON" weightage="20" keywordseo="Ola-Electric">Ola Electric</keyword> has partnered with <keyword id="6399726" type="ORGANIZATION" weightage="20" keywordseo="bses">BSES</keyword> Yamuna Power Limited (BYPL) and BSES Rajdhani Power Limited (BRPL). </li><li>Ola Electric will work with the power utility companies and set up charging stations and battery swapping stations. </li><li>In June, the Delhi government had said that it is running a pilot project testing the use of electric vehicles. </li></ul>Ola’s <keyword id="381751" type="ORGANIZATION" weightage="20" keywordseo="Electric-vehicle">electric vehicle</keyword> subsidiary Ola Electric partnered with BSES Yamuna Power (BYPL) and BSES Rajdhani Power (BRPL) to set up charging stations in Delhi. BSES Rajdhani Power is a joint venture of Reliance Infrastructure and Delhi government. With this partnership, Ola Electric will work with utility companies and set up charging and battery swapping stations. “Ola Electric has been working closely with ecosystem partners across the country to facilitate mass adoption of EVs and create solutions to operate with minimal restrictions. This programme further augments our efforts to lay a strong foundation to enable the smooth functioning of EVs across the country by creating a widespread network of charging solutions that vehicle owners and operators can rely on,” said Ankit Jain, co-founder of Ola Electric. In July, Ola Electric became a unicorn after it raised $250 million from Softbank. In May, Ola Electric also raised funds from Arun Sarin, former Vodafone Group CEO and also from the Chairman Emeritus of Tata Group, Ratan Tata. In March, it raised ₹4 billion from Ola’s existing and early investors – Tiger Global and Matrix India. Through Ola Electric, the company partnered with several equipment manufacturers and battery manufacturers, while looking to work with the automotive industry for solutions for electric vehicles. Delhi government has been trying to create awareness of EVs. In June, the Delhi government had said that it pilot project testing the use of electric vehicles. With the electric vehicle freight project called Deliver Electric Delhi, 1,000 EVs will be used by 30 players for deliveries over the next 12 months. Some of the high profile participants of this project include Flipkart, Amazon, Bigbasket, Grofers, Uber Eats, Zomato to Hero Electric, Mahindra Electric, Tata Motors and even logistics company Blue Dart Express.

Ola Electric partners with BSES to set up EV charging stations in Delhi

<ul><li><keyword id="408440" type="PERSON" weightage="20" keywordseo="BVR-Subbu">BVR Subbu</keyword> joins <keyword id="4393078" type="PERSON" weightage="20" keywordseo="Ola-Electric">Ola Electric</keyword> on its board of directors. </li><li>Subbu had held top positions at Hyundai and <keyword id="42747" type="CITY" weightage="20" keywordseo="Tata-Motors">Tata Motors</keyword>. He currently heads a boutique strategy-consulting firm, Beyond Visual Range. </li><li><keyword id="6354720" type="UNKNOWN" weightage="20" keywordseo="ola">Ola</keyword> Electric turned a unicorn in July this year. </li></ul>Ola’s subsidiary Ola Electric brought B V R Subbu on board as a director. Subbu was the former president of Hyundai India and a general manager at Tata Motors earlier in his career. “Subbu has played a key role in building and establishing some of India’s iconic automotive products like the ubiquitous <keyword id="308405" type="COMPANY" weightage="20" keywordseo="Hyundai-Santro">Hyundai Santro</keyword> and Tata 2213. His deep understanding of the mobility space and consumers will be very valuable to us in our journey to build electric mobility for India and the world,” said Bhavish Aggarwal, Co-founder &amp; CEO, Ola. Subbu has been taking up various roles since he retired from Hyundai in 2006. He was also brought onto the board of Ampere Motors, the electric mobility arm of Greaves Cotton. Currently, Subbu heads a boutique strategy-consulting firm, Beyond Visual Range. “Ola Electric is the perfect amalgam of the passion and social consciousness of youth, an exceptional appreciation and understanding of technology, and a demonstrated ability to successfully build global scale and competitiveness, coming together to attain the national imperative of sustainable mobility,” said Subbu. In July 2019, Ola Electric turned a unicorn after it raised $250 million from Softbank. In May, Ola Electric raised funds from Arun Sarin, former Vodafone Group CEO and the Chairman Emeritus of Tata Group, Ratan Tata. In March, it raised ₹400 crores from Ola’s existing and early investors – Tiger Global and Matrix India. Interestingly, most of the investors in Ola Electric are its parent company’s investors – from Softbank to Arun Sarin, Ratan Tata and even Tiger Global and Matrix India.

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Ola's valuation slashed by more than half by Vanguard

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Ola’s investors back its electric company – Ola Electric – welcome it to the unicorn club

Sanchita Dash

The designer for Bentley, Aston Martin and Jaguar will now work on Ola Electric's new models

Sanchita Dash

Today's top tech news: Samsung is firing 1,000 employees, Apple TV+ plans to beat Netflix with fewer shows and Australia puts Facebook and YouTube on notice in a fight against online terrorism

Prabhjote Gill

Ola completes a million rides in the UK and expands to two more cities

Sanchita Dash

Ola Electric partners with BSES to set up EV charging stations in Delhi

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The brains behind Hyundai Santro will now join the board of Ola Electric

Sanchita Dash

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