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Context is everything.
Detailed stories on technology startups, business and economic current affairs.
Detailed stories on technology startups, business and economic current affairs.
Even as Uber is exiting all ancillary businesses to focus on ride-hailing, Ola’s Aggarwal is gaining breadth and sinking deeper into electric mobility.
Editor's note: Wise men say the future of mobility is electric. It would seem Ola CEO and co-founder Bhavish Aggarwal has taken this prediction to heart. While Ola has been charging its electric mobility dreams for over three-and-a-half years now, its biggest bet came earlier this week. On Monday, the company announced its plan to set up the world’s largest electric two-wheeler manufacturing facility at Hosur, an industrial town in north Tamil Nadu, bordering Karnataka. Indian ride-hailing firm Ola, backed by Japan’s SoftBank Group, said on Monday it planned to invest 24 billion rupees ($326 million) to set up a factory in the southern state of Tamil Nadu to produce electric scooters. The plant will have an initial annual capacity to produce two million scooters and will create nearly 10,000 jobs, Ola said in a statement, as it gears up to launch electric scooters in the coming months. From SoftBank-backed India's Ola to invest $326 million in electric-scooter plant • Reuters Venture capital-backed companies in India rarely manufacture anything, with the exception of slick, lofty ambitions. It would seem though that Ola …
The EV maker is back for fresh capital as its businesses fail to generate enough to sustain themselves.
As Rapido and Uber pull ahead, falling traction and mounting financial stress leave Ola with few options.
The emirate’s financial centre has surpassed the 10,000-company mark, Lucid Motors has a new investor, and digital assets are having a great week.
