Uber betting on India, Mexico and Brazil to drive growth for its company
The Dollar Business Bureau The beleaguered cab aggregator, Uber, wants to concentrate on India, Brazil, and Mexico, to drive growth for the company and to ensure that it sustains the competition from Ola. Speaking to the media, Uber SVP (Global Business) David Richter told reporters, "There are three countries that we are betting on -- India, Mexico, and Brazil. We have seen phenomenal growth in India, in July this year over last, we have seen 115 per cent growth." Richter said the company is focussing on launching solutions that enhance the customer experience in India and has taken a number of steps in that direction. The latest being the introduction of Unified Payments Interface (UPI) UPI-based payment on its platform that will ...
Softbank writes down $555 mn investments in Ola, Snapdeal
The Dollar Business Bureau Japanese telecommunications company, SoftBank, has written off the value of two of its biggest start-up investments in India. The company has marked down about $555 million in share value in investments in ANI Technologies, the owner of cab aggregator Ola, and Snapdeal owner Jasper Infotech. Out of overall value, about half of the value written-off is the result of appreciation in Japanese currency against the other currencies. In its report on consolidated income for the first six months of the current fiscal ended on September 30, SoftBank has winessed a loss of 58,140 million yen (around $557 mn) from its financial assets at the fair value, majorly on account of its funds invested in India. Out of this, a loss of 29,622 million yen ...
SoftBank may pump in up to Rs 2,000 cr in Ola
PTI Japan's SoftBank Corp is likely to invest up to Rs 2,000 crore in Ola, a funding that will help India's largest taxi-hailing service compete with US- based rival Uber.According to sources close to the deal, ANI Technologies Pvt's Ola may raise $250-300 million in a new round of funding led by the Japanese telecom and Internet major, and other existing investors may also participate.They added that the announcement is expected to be made in the next few weeks.When contacted, both Ola and SoftBank declined to comment on the matter.Recently, SoftBank Group International President Alok Sama had said the company was focussed on consolidating its position in the Indian market and aggressively backing its investment here. Its two largest investments in ...
Ola to invest Rs.350cr in Haryana in next 5 years
The Dollar Business Bureau The cab aggregator, Ola, on Tuesday said that it has signed a Memorandum of Understanding (MoU) with the Haryana government for investing Rs.350 crore in the state over the next 5 years and to create more than 10,000 entrepreneurs. The online transportation network firm has partnered with the state government to utilise its technology aggregation model to make the public transport easily accessible to the people of Haryana. "We will make an investment of Rs.350 crore in Haryana in the coming 5 years to create opportunities for entrepreneurship all over the state," said Pranay Jivrajka, Chief Operating Officer (COO), Ola. "We will work in tandem with the Haryana government for training and providing the required skills to thousands of ...
