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<div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div><ul><li>Uber is slowly curtailing its operations in Asia.</li><li>It has reportedly agreed to sell its Southeast Asia business to local rival Grab in exchange for a stake in the business.</li><li>Uber's chief executive Dara Khosrowshahi said operating in developing markets was a drag on profitability.</li><li>India is probably next on Uber's quit list - it's losing out to its biggest rival Ola, and the two share a major investor.</li></ul> Uber is slowly backing out of developing markets in Asia.&#xa0;It has already <a href="http://uk.businessinsider.com/uber-china-merges-with-didi-chuxing-2016-7">merged its Chinese business with Didi Chuxing</a>, a ride-sharing giant which has funded several of Uber's competitors.&#xa0;A Friday report from CNBC suggested Uber would pursue <a href="http://uk.businessinsider.com/uber-may-sell-southeast-asia-business-ipo-2018-2">a similar deal for its Southeast Asia business</a>, selling off its operations to local giant Grab in exchange for a stake. Uber hasn't confirmed that deal.Just one day before the rumours around Uber's Southeast Asia business surfaced, Uber's new chief executive Dara Khosrowshahi spoke publicly about <a href="http://uk.businessinsider.com/uber-ceo-doesnt-want-profitable-2018-2">how expanding to emerging markets costs a huge amount of money</a>.He said:"Where we are now as of Q4 is the developed markets, the contribution from the developed markets, essentially pays for the overhead of the business, alright ... [The] amount that we are investing in developing markets, that's a significant negative but that is an optional investment for us."In other words, Uber isn't currently profitable as a business because it's spending so much money trying to establish itself in places like India.It's worth noting that Khosrowshahi went on to say: "By the way, we think it should be on, it's going to be on for a while, right?"But given the firm has given up China and the entire region of Southeast Asia to the competition, what's next?<h2>Local rival Ola is clearly winning in India</h2><div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div>Uber's main competition in India is a local rival called Ola, founded by Bhavish Aggarwal and Ankit Bhati.When I visited India to see my family in October 2017, I saw firsthand how ridesharing had taken over the country.This is no mean feat given that driving in India is a daily dance with death.Ridesharing somewhere like the major city of Kolkata is a very different experience from trying to summon an Uber in London or San Francisco. You're generally waiting around a long time for the car to turn up. Heavy traffic, illogical road systems, and Indian sensibilities about timekeeping all mean you won't be going anywhere in a rush.I found that home player Ola was dominant in Kolkata. None of my relatives there ever used Uber.What little nationwide data there is suggests Ola is winning.Ola <a href="https://www.bloomberg.com/news/articles/2018-01-30/ola-targets-australia-ride-hailing-market-in-first-overseas-push">said this month</a> it handles about a billion rides annually across India. Uber has only ratcheted up 500 million rides in the four years it's been in India, <a href="https://www.uber.com/en-IN/blog/500-million/">according to a company blog from August</a>.<a href="https://qz.com/1200878/with-uber-in-crisis-ola-zooms-ahead-in-indias-taxi-wars/">And according to Quartz</a>, citing December data from data consultancy Kalagato, Ola has higher smartphone reach in India than Uber. Business Insider has asked Kalagato for more up-to-date data."Uber had a good start in India," said Kathik Hosanagar, a professor at Wharton University and specialist in the digital economy. "They managed to grab significant market share from&#xa0;Ola&#xa0; -&#xa0;Ola&#xa0;and Uber [had] roughly 50% market share each last summer. They customised their product to meet needs in India, ranging from features added to enhance passenger safety to accepting cash payments."That said, they are also realizing that&#xa0;Ola&#xa0;is a nimble competitor.&#xa0;Ola&#xa0;has been experimenting constantly with things like the ability to hail Autorickshaws."With Uber's many problems with regulators around the world, and its board-level politics, it's unlikely that India has been "front and centre," he added."As Uber's new leadership tries to trim down some fat and focus on its key markets in US and Europe, I suspect that it will exit some markets."<h2 style="font-weight: 400;">Uber's newest investor also backed Ola</h2>Japanese telecoms giant Softbank owns a 15% chunk of Uber, <a href="http://uk.businessinsider.com/softbank-to-buy-uber-shares-at-a-discount-and-invest-125-billion-2017-12">as of January.</a>&#xa0;It is now the firm's biggest shareholder.But it has also bought substantial shares in some of Uber's biggest competitors around the world, including Ola. Along with Tencent, Softbank <a href="https://www.bloomberg.com/news/articles/2017-10-02/india-s-ola-is-said-to-raise-2-billion-from-softbank-tencent">funnelled $2 billion (£1.4 billion) into Ola in 2017</a>.It's possible Softbank could encourage the firms to duke it out in India and see who wins, but there are signs it wants Uber to focus on profitability.&#xa0;Board director Rajeev Misra said Uber would be more profitable faster if it focused on US, Europe, Australia, and Latin America. Asia is noticeably missing from that list.As&#xa0;Hosanagar put it: "The primary determinant of how things play out in the long-term in India will be Softbank, which is a key investor in both companies."Softbank may well determine whether the two companies eventually merge or if Uber will leave India to&#xa0;Ola&#xa0;like it left China to Didi. In the long-term, it seems unlikely that&#xa0;Ola&#xa0;and Uber will continue to be locked in an intense battle for marketshare when they have a major investor in common."<div><div class="atlas-chart" data-id="SkjZJ_YLf" data-width="640" data-height="449"></div></div> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/what-might-happen-north-korea-launched-nuclear-weapon-kim-jon-un-donald-trump-twitter-war-2018-1">Here's what might happen if North Korea launched a nuclear weapon</a></h3> <div> </div> </div></hr>

Uber is slowly quitting developing markets in Asia - here's why India is probably next

<ul><li>Ola is investing $100 million in scooter-sharing platform <keyword id="5042995" type="UNKNOWN" weightage="20" keywordseo="Vogo">Vogo</keyword> </li><li>The investment will go into helping the company buy a fleet of 100,000 scooters. </li><li>Ola is looking to expand its services beyond cabs in India and banking on ‘last-mile connectivity.’ </li></ul>Ola is looking for a bigger share in the Indian mobility market. After expanding vigorously in the cab-sharing services in India, Ola is reportedly investing $100 million in Vogo, a platform for renting scooters. The investment will be made in tranches, according to media <a href="https://timesofindia.indiatimes.com/business/india-business/ola-commits-100m-to-scooter-sharing-co-vogo/articleshow/67154225.cms">reports</a>. Ola had earlier participated in a Series A funding round by Vogo that was aimed at raising $7 million. While Vogo has been able to fetch a considerable investment from Ola, it will reportedly continue to function as an independent start-up, reported <a href="https://www.livemint.com/Companies/rLno5nzfDNcAWjcq3H9HnM/Ola-invests-100-million-in-scootersharing-startup-Vogo.html"> LiveMint</a>. The company is planning to build a ‘multi-modal network for first-last mile connectivity’ in the country, Bhavish Bhavish Aggarwal, CEO and co-founder of Ola <a href="https://timesofindia.indiatimes.com/business/india-business/ola-commits-100m-to-scooter-sharing-co-vogo/articleshow/67154225.cms">told</a> TOI. Ola has been working aggressively to expand its reach in urban transportation. It earlier acquired a transportation information provider, Ridlr. Both Ola and Uber have been in stiff competition in the cab-rental services for a while now. While Uber also offers a similar service under the name ‘<keyword id="3269374" type="PERSON" weightage="20" keywordseo="uber-moto">Uber Moto</keyword>., However, the service does not allow customers to drive the bike themselves but only accompany an Uber driver. Vogo, which has services in Hyderabad and Bangalore, allows its customers to pick up and rent from certain areas. The problem of congestion at India’s urban cities only seems to be getting worse. Services like scooter-sharing may be a solution for urban Indians, the company hopes. Uber users were able to save nearly 40% of their time when they traveled through ‘Uber Moto,’ Quartz reported. See also: <a href="https://www.businessinsider.in/indian-online-car-rental-company-revv-says-it-will-now-let-users-keep-a-car-for-up-to-4-years-for-a-monthly-subscription-fee/articleshow/66827211.cms">Indian online car rental company, Revv, says it will now let users keep a car for up to 4 years for a monthly subscription fee</a> <a href="https://www.businessinsider.in/indias-competition-regulator-finds-uber-ola-not-guilty-of-charging-higher-prices/articleshow/66542764.cms">India's competition regulator finds Uber, Ola ‘not guilty’ of charging higher prices</a> <a href="https://www.businessinsider.in/indias-largest-online-learning-service-is-all-set-to-become-the-4th-highest-valued-indian-startup-with-a-254-billion-valuation/articleshow/66474294.cms">India’s largest online learning service is all set to become the 4th highest valued Indian startup with a ₹254 billion valuation</a>

India’s homegrown cab service company Ola is infusing $100 million into scooter-sharing startup Vogo to boost ‘last-mile connectivity’

The competition just got intense after <a href="http://www.businessinsider.in/searchresult.cms?query=uber&amp;sortorder=effectivedate">Uber</a> decided to double up its resources in India to outpace <a href="http://www.businessinsider.in/searchresult.cms?query=ola&amp;sortorder=effectivedate">Ola</a>. <keyword id="1042120" type="PERSON" weightage="20" keywordseo="Uber">Uber</keyword> is going to invest $500 million by June in India, which means Rs 1,000 crore a month, on an average. 
 
Uber’s <a href="http://www.businessinsider.in/searchresult.cms?query=travis+kalanick&amp;sortorder=effectivedate">Travis Kalanick</a> said the ride-hailing app would invest in India and the investment could be more than that in US or China. 
 
ET quoted a source in its report who said that Uber had not used up all the cash from the first $1-billion commitment and is now building a team, technology solutions that are India-focussed, and quality. 
 Meanwhile, both the cab providers are fighting it out in Delhi High Court after <keyword id="6354720" type="PERSON" weightage="20" keywordseo="Ola">Ola</keyword> alleged that Uber was violating rules and operating cabs that use diesel as fuel, an accusation that Uber has denied. 
 
READ ALSO: <a href="http://www.businessinsider.in/Exclusive-Ola-categorically-denies-Ubers-allegations-of-fake-account-creation/articleshow/51525695.cms">Exclusive: Ola 'categorically' denies Uber’s allegations of fake account creation</a> 
 
According to a Goldman Sachs report, the domestic <a href="http://www.businessinsider.in/searchresult.cms?query=taxi+apps&amp;sortorder=effectivedate">online car rental market</a> is expected to reach $1.4 billion by 2030. 
 
In a bid to counter Uber, Ola is expected to channelise its investments into taxi business in eight major cities.

Uber is likely to pump in Rs 1k crore every month to drive out Ola, utilise every penny

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Shailesh Andrade/ReutersBhavish Aggarwal, chief executive of Uber's main rival in India, Ola</div></div></div><ul><li>Indian ride-hailing startup Ola plans to launch in the <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword> and take on Uber.</li><li>Ola will initially launch in Greater Manchester and south Wales but is yet to submit an application for a London licence.</li><li>Uber is the dominant ride-hailing company in the UK, with around 5 million customers.</li><li>The launch means a major investor in both Ola and Uber, SoftBank, is effectively going to war with itself.</li></ul> Indian ride-hailing company Ola plans to launch in the UK, signalling more competition for incumbent Uber.Ola will open operations in Greater Manchester and south Wales, including capital Cardiff, within the next month. The company said it was working with regulators to launch nationwide by the end of the year, but is yet to submit an application for a London licence.Like Uber, Ola operates a ride-hailing service through an app and relies on the availability of contracted drivers. It is <a href="https://www.businessinsider.com/uber-will-probably-quit-india-and-korea-next-2018-2?IR=T">hugely popular in its home market of India</a>, where Uber also operates. Uber has around 5 million customers in the UK, while Ola says it has about 125 million outside the UK.Ola's launch means its biggest investor is effectively going to war with itself in the UK. Both Ola and Uber share a major backer: Japanese tech conglomerate SoftBank. Ola was reportedly <a href="https://www.firstpost.com/business/ola-cabs-may-be-raising-2-bn-from-softbank-tencent-in-battle-for-market-with-uber-4104073.html">raising $2 billion from SoftBank and other investors last October</a>, and the Japanese firm <a href="https://www.reuters.com/article/us-uber-softbank-tender/softbank-is-now-ubers-largest-shareholder-as-deal-closes-idUSKBN1F72WL">took a 20% stake in Uber at the beginning of this year</a>.Like every similar service, Ola has come in for criticism for <a href="https://factordaily.com/ola-contract-driver-analysis/">the way it treats drivers in terms of pay and their employment status</a>. The company said people can hail both private hire cabs and black taxis through its app. This is a differentiator from Uber, which only offers private hire vehicles.Ola claimed it offered "higher earnings and daily payments," but didn't give further details. Business Insider has requested clarification. The company also said its drivers are fully screened, and that it offers 24-hour support to passengers, options to share ride details with contacts, and in-app emergency features.Bhavish Aggarwal, chief executive of Ola, said in a statement: "Ola is excited to announce its plans for the UK, one of the world's most evolved transportation markets. The UK is a fantastic place to do business and we look forward to providing a responsible, compelling, new service that can help the country meet its ever demanding mobility needs." <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/best-features-coming-to-the-iphone-in-ios-12-this-fall-2018-7">Top 9 features coming to the iPhone in iOS 12</a></h3> <div> </div> </div>

Indian cab-hailing giant Ola has launched in the UK to challenge Uber - and they both share a big investor

<ul><li>Indian government will soon direct <keyword id="6354720" type="UNKNOWN" weightage="20" keywordseo="ola">Ola</keyword>, <keyword id="1042120" type="PERSON" weightage="20" keywordseo="Uber">Uber</keyword> to convert 40% of their fleet to <keyword id="6354973" type="UNKNOWN" weightage="20" keywordseo="electric-vehicles">electric vehicles</keyword> by 2026, says a report. </li><li>Ola has already taken the lead in the electric vehicle segment in India. </li><li>Uber has reportedly been experimenting with electric bikes in India. </li></ul>The Indian government is clearly not taking its Electric Vehicle mission lightly. The government has reportedly ordered ride-hailing giants Uber and Ola to convert 40% of their fleet to electric cars by 2026, according to a <a href="https://www.reuters.com/article/us-india-electric-autos-exclusives/exclusive-india-to-order-taxi-aggregators-like-uber-ola-to-go-electric-idUSKCN1T71DU">Reuters report.</a> The report said that for both the companies to achieve this target, they will have to begin the conversion process by next year itself – “would need to start converting their fleet as early as next year to achieve 2.5% electrification by 2021, 5% by 2022, 10% by 2023 before hiking it to 40%,” the report said. Ola might take to this deadline much easily. It has already taken the lead in the electric vehicle segment. The homegrown unicorn has a company under the name Ola Electric Mobility which develops solutions to make electric mobility viable on a large scale. Ola plans to bring 1 million Electric Vehicles on to the Indian roads by 2021. The company has also been raising funds at a quick pace. So far, it has brought in investors like Ratan Tata and Arun Sarin, along with Tiger Global and Matrix India – all of whom are early investors in the parent company ANI Technologies. Meanwhile, Uber too is <a href="https://techcrunch.com/2019/05/09/uber-begins-trialing-e-bikes-and-bicycles-rides-in-india/">reportedly</a> experimenting with electric bicycles and bikes in India. The global giant has partnered with Bengaluru-based bicycle sharing platform Yulu bikes. Globally, Uber had acquired bike sharing startup Jump and had already launched its e-bike services in the US and UK. 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>

Uber, Ola might have to go electric by 2026 in India: Report

Owing to the increasing number of defaults on vehicle loans by Bengaluru-based drivers of ride-hailing apps like <keyword id="6354720" type="PERSON" weightage="100" keywordseo="Ola">Ola</keyword> and <a href="http://www.businessinsider.in/small-business/companies/uber-central-comes-to-india-and-you-dont-need-uber-app-for-it/articleshow/58263865.cms">Uber</a>, India’s top banks have decided against issuing fresh loans to such drivers. Not only this, banks have also decided to push to recover dues from these drivers. <a href="http://www.businessinsider.in/transportation/bengaluru-public-transport-service-takes-cue-from-ola-and-uber-slashes-fares/articleshow/57990810.cms">Bengaluru</a> is the largest market in India for these cab-based aggregators. Also read: <a href="http://www.businessinsider.in/ola-founder-says-government-should-decide-if-us-internet-giants-are-capital-dumping-in-india/articleshow/58066428.cms">Ola founder says government should decide if US internet giants are 'capital dumping' in India</a> After almost one-fifth of its loan book in the city registered defaults, the State Bank of India (<keyword id="13222" type="CITY" weightage="100" keywordseo="SBI">SBI</keyword>) has decided to stop giving vehicle loans to <a href="http://www.businessinsider.in/latest/bengaluru-feel-relieved-as-ola-anduber-drivers-call-off-strike/articleshow/57221582.cms">Bengaluru</a>-based drivers of cab-aggregator company Ola. "The total default amounts to Rs 60 crore in the city," said Gopal Krishan Kansal, chief general manager, small and medium enterprise, at <a href="http://www.businessinsider.in/small-business/finance/state-bank-of-india-sees-profit-boost-in-three-years-after-bank-units-merged/articleshow/58165449.cms">SBI</a> (Mumbai). It’s been a fee months that SBI decided to stop lending to <a href="http://www.businessinsider.in/ola-to-be-the-first-cab-aggregator-in-india-to-introduce-e-cabs/articleshow/57889692.cms">Ola</a> drivers in Bengaluru. "We (still) disburse loans to Ola vehicles in Hyderabad and Chennai (where) the default rate is almost 7%," Kansal told <a href="http://economictimes.indiatimes.com/small-biz/startups/jolt-for-ola-in-bengaluru-as-sbi-decides-to-stop-disbursing-loans-to-their-drivers/articleshow/58351691.cms">ET</a>. Also read: <a href="http://www.businessinsider.in/ubereats-is-all-set-to-debut-in-india/articleshow/58218462.cms">UberEATS is all set to debut in India</a> As per bankers, these drivers started to stop paying their EMIs after the sharp fall in their incomes, owing to <keyword id="1042120" type="PERSON" weightage="100" keywordseo="Uber">Uber</keyword> and Ola cutting down on their incentives. Earlier, Ola and <keyword id="6364641" type="UNKNOWN" weightage="100" keywordseo="Uber-drivers">Uber drivers</keyword> used to get commissions ranging from Rs 70,000 and Rs 1 lakh per month. However, these incomes have now come down to an average of Rs 40,000-50,000, thanks to the scarcity of cash with these companies after years of heavy spending.

Emergency brakes on Ola and Uber in Bengaluru as banks decide against lending to drivers

<keyword id="163404" type="COMPANY" weightage="20" keywordseo="Softbank">SoftBank</keyword> is going to lead the new funding round of <keyword id="6354720" type="PERSON" weightage="20" keywordseo="Ola">Ola</keyword> and will invest around Rs 2,000 crore in the cab-hailing app-only service. 
 
Ola is expecting to raise around $500 million in the fresh funding round and wants to control dilution. 
 
"SoftBank is leading the new round and the first tranche will close in a few days,” one of the sources told ET. 
 
"There will be an external process that will be launched now and Ola will keep the round open,” ET quoted another source as saying. 
It is expected that Ola’s valuation won’t get affected. Ola, which is number one in India, was valued at about $5 billion when it closed $500 million in funding in November last year. 
 
Ola may also focus on scaling the quality of the business. 
 Meanwhile, <keyword id="1042120" type="PERSON" weightage="20" keywordseo="Uber">Uber</keyword> is also increasing its focus in India that has become second most important market after the US. 
 
The fresh funding will be important for Ola as Uber has stepped up efforts in India. 
 
Both the ride-hailing apps will also have to be careful about the burn rates. 
 
Uber is currently burning about $30 million in India, which will go up to $45-50 million as it ramps up expansion across cities and products.

SoftBank is going to pump Rs 2,000 crore in Ola in next funding round

<keyword id="6354720" type="PERSON" weightage="20" keywordseo="Ola">Ola</keyword> is continuing talks with several investors to raise funds and recently it picked up around $50m from a New York-based hedge fund. India's largest taxi aggregator Ola raised funds from hedge fund Tekne Capital Management, and the funding is expected to take Ola’s valuation to over $3 billion. The latest round comes after Ratan Tata's RNT Capital Advisors and US hedge fund Falcon Edge infused money in the startup. "Ola continues to be in talks with various investors, including Coatue Management for this round," a source familiar with the development told ET. As per reports, Ola’s market share in India will be around 65%, with Uber holding the rest. Ola is going aggressive in the country and is working on several projects, including introducing electric vehicles in cities. The latest funding also comes after Uber is embroiled in a cultural row. Uber has also been slapped with an intellectual property lawsuit from Google's parent Alphabet-owned Waymo.

Ola raises nearly $50 million from New York-based hedge fund; valuation to go over $3 billion

In a recent blog post, <keyword id="6354720" type="PERSON" weightage="80" keywordseo="Ola">Ola</keyword>’s first full time employee and current Chief Operating Officer Ola COO <keyword id="2904207" type="UNKNOWN" weightage="80" keywordseo="Pranay-Jivrajka">Pranay Jivrajka</keyword> has leveled serious charges against segment competitor Uber. He alleges the latter is fanning ‘a debate of nationalism to hide their identity of being a multi-national’. He also alleges the competition has ‘serial violations of law as an integral part of its business strategy’. 
 
In his post Jivrajka claims Ola has partnered with the Indian government, even at a ‘serious business expense’ to itself. He says the onus is on the business to work with the Government and evolve the ecosystem further in a partnership mode. Citing the example of Uber’s ‘card on file’ payment system and bike taxis in Gurgaon, Jivrajka claims the competition is running a business despite ‘multiple notices and seizures of hundreds of vehicles.’ 
 
The company executive goes on to say that while during the Delhi Diesel ban, Ola was committed to 100% CNG adoption, Uber continued to ply diesel vehicles with ‘absolute disregard for the state and the court of law’. 
 On Monday, Ola filed in the <keyword id="6371973" type="ORGANIZATION" weightage="100" keywordseo="Karnataka-High-Court">Karnataka High Court</keyword> saying that it has complied with all requirements to continue operating. This was to counter to a petition by rival <keyword id="2502101" type="UNKNOWN" weightage="100" keywordseo="Uber-India">Uber India</keyword> which challenged the Karnataka On-Demand Transportation Technology Aggregator Rules, 2016. 
 
Ola said Uber’s petition is motivated in an “attempt to bypass the laws of the land by foreign companies who run their operations in this country for profit without due regard for the applicable laws”. 
 
Both Ola and Uber have been fighting a bloody price war to gain market share in India.

Ola COO Pranay Jivrajka calls Uber ‘disrespectful’ of
India’s laws

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Shailesh Andrade/ReutersBhavish Aggarwal, chief executive of Uber's main rival in India, Ola</div></div></div><ul class="summary-list"><li>Indian ride-hailing firm Ola will launch in London on February 10.</li><li>Like Uber, Ola lets users summon a cab via an app.</li><li>Uber is the most popular ridehailing service in the UK, but its continued presence in London has been threatened after the regulator declined to renew its license in the capital.</li><li>Despite being a competitor to Uber, Ola shares a major backer as it has taken funding from Japanese mega-investor SoftBank.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul>London is getting yet another cab-hailing app.India's Ola is coming to the UK capital, more than a year after launching in other UK cities.Like Uber, Ola offers an easy-to-use app which lets passengers summon a private-hire cab at the click of a button.The underlying business model is also much the same, with drivers signing up as independent contractors to the app, which takes a cut of their fares. Ola isn't disclosing how much commission it's charging, but says it won't take any cut of London drivers' fares for the first six weeks of operating.Ola has been running a service in the UK since the summer of 2018 in regional cities including Birmingham, Coventry and Warwick. It landed its license to operate a service in London in July 2019, and confirmed its intention to expand <a href="https://www.businessinsider.com/ride-hailing-firm-ola-london-launch-after-uber-ban-2019-11?r=US&amp;IR=T">its service to the UK capital in November</a>.The news brings Ola into competition with the raft of ridehailing services already operating in London, such as Uber, Bolt/Taxify, and Kapten.Like these incumbents, Ola is offering new users discounts for signing up to the app, as well the lower commission to lure in drivers.Although Ola says its service is differentiated from competitors and it works more collaboratively with regulators, that differentiation may not be particularly clear to consumers who now face a dazzling array of ridehailing apps to choose from.Ola's arrival in London also ups the pressure on Uber, which is the dominant ride-hailing service in the UK and counts London as its biggest European market.Uber has locked horns with London's transport regulator, Transport for London (TfL) for the past few years over safety issues around its service.In November, <a href="https://www.businessinsider.com/uber-loses-london-licence-2019-11?r=US&amp;IR=T">Uber lost its license to operate in London</a> after the regulator found drivers operating fraudulently on its platform. The firm is appealing that decision but, if it loses, it will be forced to quit the capital.Ola declined to comment publicly when asked how it might avoid similar problems, but said it operated a 24/7 call centre for passengers with complaints. One source close to the firm told Business Insider that TfL had taken the robustness of Ola's safety measures and tech into account as part of its decision to grant an operating license.<h2>Ola and Uber share the same major investor</h2><div class="KonaFilter image-container display-table"><div><div class="image on-image">Carlo Allegri/ReutersUber CEO Dara Khosrowshahi.</div></div></div>Awkwardly, Ola and Uber share a major backer in Japanese mega-investor SoftBank.SoftBank invested almost $8 billion in Uber. It is thought to have invested a smaller amount in Ola although the total figure is unclear. Ola has raised $3.8 billion in funding to date.Simon Smith, head of Ola International said: "The overwhelmingly positive reception to Ola since launching in the UK in 2018 illustrates the significant demand from drivers, riders and communities. We are working closely with drivers to build a high quality and reliable service for Londoners. Launching in London is a major milestone for us and we are keen to offer a first class experience for all our customers."Axel Springer, Insider Inc.'s parent company, is an investor in Uber.<a href="https://www.businessinsider.com/intelligence/10-up-and-coming-fintechs?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=uber&amp;itm_campaign=10-up-and-coming-fintechs-2"></a> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/why-spacex-blew-up-rocket-on-purpose-2020-1">SpaceX and NASA just blew up a Falcon 9 rocket on purpose, and it has something to do with Apollo 1</a></h3> <div> </div> </div>

Ola, another SoftBank-backed cab startup, will launch in London just as Uber faces being booted from the city

As of early 2018, Indian ride hailing company <keyword id="6354720" type="UNKNOWN" weightage="20" keywordseo="ola">Ola</keyword> was edging out <keyword id="1042120" type="PERSON" weightage="20" keywordseo="Uber">Uber</keyword> in terms of market share in the country. It was estimated to have <a href="https://entrackr.com/2018/02/ola-16-percent-market-uber/">a 56% share </a>of the ride-sharing market, compared to Uber’s 40%, according to Kalagoto, a data analytics firm. However, Ola is in three times as many cities in <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword>, and had twice as many drivers as Uber, indicating that Uber’s market approach is centred on depth as opposed to breadth. Simply put, Uber is making more from less. As the old saying goes, “uneasy lies the head that wears the crown”. Fending off Uber’s advances in the market has led to a significant drain on Ola’s finances, and will continue to eat into its funds in the near future. The company posted a net loss of nearly ₹49 billion for the fiscal year ended March 2017, according to regulatory filings. That’s a significant jump from the ₹31.5 billion it lost in 2015-2016. It reported close to ₹52 billion in expenses in 2016-17 to increase its market share. This is roughly a quarter of the $3 billion it has raised in funding from its investors. Uber’s ambitions Uber is not going to back down anytime soon either. India is an important market for the company, comprising around <a href="https://tech.economictimes.indiatimes.com/news/mobile/india-one-of-our-healthiest-markets-uber-ceo-dara-khosrowshahi/63573894">10% of its worldwide trips</a>, according to CEO Dara Khosrowshahi. Uber will continue expanding its operations in the country, targeting a five to ten-fold increase in weekly trips over the next decade. In order to do this, it will supplement the $1 billion investment it announced in 2015. To increase its reach in India, Uber recently launched “Uber Lite”, a slimmed down version of its ride-hailing app targeted at people with limited space on their phones, as well as small data packages and slow internet speeds. Ola also boasts a Lite version of its app. A possible merger Achieving scale in India is hard. Operational costs are high and since both are trying to capture more customers, trip fares are low. There have been reports that Ola and Uber are <a href="https://www.thehindubusinessline.com/economy/rivals-ola-uber-on-road-to-merger/article23375769.ece">considering a merger</a> and Uber is no stranger to joining forces with rivals. In March, after years of intense competition with Singapore’s Grab in Southeast Asia, Uber decided <a href="https://www.uber.com/newsroom/uber-grab/">to merge its business with Grab’s</a> in a number of countries in the region, including Singapore, Indonesia, Thailand and Malaysia. Both Ola and Uber share an investor - the Japanese technology conglomerate <keyword id="163404" type="COMPANY" weightage="20" keywordseo="Softbank">Softbank</keyword> Group, which is said to be lobbying for a merger. If both companies merge, they will be in a position to hike prices. This is something India’s antitrust regulators will be wary off, for the merged entity will effectively have a monopoly over the ride-sharing market. The current scenario in India’s ride-sharing market is comparable to its e-commerce market. As two giants burn cash and duke it out for market leadership, consumers benefit from low prices. But the companies will need to make a profit sooner or later and in the medium term, someone will win. And then, perhaps, we lose. For instance, both Ola and Uber have increased their commissions from trips, and reduced the incentive bonuses, over the past year or so. That leads to lesser income for drivers on the platform, who have often tried to protest against the moves as well. Since both riders and drivers are customers for these companies, the effects of them trying to maximise profits will eventually be felt by everyone.

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Ola COO Pranay Jivrajka calls Uber ‘disrespectful’ of India’s laws

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Ola, another SoftBank-backed cab startup, will launch in London just as Uber faces being booted from the city

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