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After much deliberation Softbank finally is banking upon Ola’s struggle to move to its next phase of acquiring Electric Vehicles and stealing the show from some its global rival Uber. As per the media reports Ola has successfully closed $2 Billion in a fresh round of funding where in $ 400 Million comes from the hailing Internet Giant Tencent from China and rest of the funds are supposed to be incurred by Softbank Group Corp, University of California’s investment arm, Ratan Tata and a number of US-based institutional investors.
The company hasn’t reacted officially on the total sum invested with this round and is expected to come with an official statement soon. Nearly all the taxi services in India shall soon be hit by the government scheme to bring in the use of electric cars in major cities across India. Being the leading and one of the hailing taxi apps in India, Ola is supposed to bring in the required resources and fleet of cars within its operation module, much before the government enacts the rule for the taxi aggregators.
Uber will take time to come out from the Culture & Leadership crisis they went through!
Uber crisis which started from a sexual harassment blog and risen to a level where the founder and CEO Travis Kalanick had to resign under the charges of unable to keep the cultural thread of the company intact which included his inability to curb or contain cases of sexual harassment at work.
Later, the company’s board appointed Dara Khosrowshahi as the new CEO, to further the organisation from this era of crisis to a better status-quo – which was needed badly post the exodus of leadership from Uber. Uber in such scenario should have been bringing in, initiate measures to deal with electric cars, but so far there hasn’t been any signs of acting proactively on one of the low hanging fruits which could really put Uber across Ola in the new world of electric cars.
A brief peek into some of the leading taxi apps globally
|Taxi Startups||Data Essentials||Valuation|
|Uber||Areas of Operation: 66 Countries and 500 + Cities | Funding Raised so Far : $ 16 Bn | Active Ridership : 40 Million Users | Daily Rides : 5 million | Milestone : 5 Billion rides – 20th May, 2017||$66 Bn|
|Lyft||Areas of Operation: US | Funding Raised so Far : $2 Bn | Active Ridership : 5 Million Users | Daily Rides : 0.2 Mn||$5.5 Bn|
|Ola||Areas of Operation: India| Funding Raised so Far : $1.3 Bn | Active Ridership : 25 Million Users | Daily Rides : 0.75||$5 Bn|
|Grab||Areas of Operation: 31 Cities in Southeast Asia| Funding Raised so Far : $1 Bn | Active Ridership : 11 Million Users | Daily Rides : 0.85||`|
|Didi Chuxing||Areas of Operation: China| Funding Raised so Far : $7.4 Bn | Active Ridership : 42 Million Users | Daily Rides : 7 Million||$36 Bn|