Latest news with #Ola
Time of India
2 hours ago
- Automotive
- Time of India
Ola Electric held talks on potential high-yield debt financing: Sources
Ola Electric Mobility Ltd , an Indian electric vehicle maker whose shares have fallen about 50 per cent this year, recently held talks with lenders to explore raising money through high-yield debt, according to people familiar with the matter. The company was seeking about 10 billion rupees ($116 million), primarily for working capital, said the people, who asked not to be identified because the discussions are private. The talks were preliminary, and it's not clear if Ola or the lenders would choose to proceed further, the people said. Potential details that were discussed included the tenor of any borrowing, which could be about 36 months, according to the people. They added that at least some of the potential lenders would treat this as special situation financing, and would ask for an interest rate between 17.5 per cent and 20%. That range is typical for such deals that often involve businesses facing a liquidity crunch. 'Raising working capital is a routine aspect of running a business, something Ola Electric , and virtually every other company, does regularly,' said an Ola Electric spokesperson. 'Your claims are speculative and misleading and we decline to comment further on this topic.' The decline in Ola Electric's shares this year has come as it grapples with crises including instances of scooters catching fire, as well as eroding market share a year after a blockbuster IPO. As shares tumbled, founder Bhavish Aggarwal paid about 200 million rupees in cash to top up collateral for borrowings against the shares, Bloomberg reported in June.
Time of India
9 hours ago
- Automotive
- Time of India
Ola Electric held talks on potential high-yield debt financing: Sources
Ola Electric Mobility Ltd , an Indian electric vehicle maker whose shares have fallen about 50% this year, recently held talks with lenders to explore raising money through high-yield debt, according to people familiar with the matter. The company was seeking about 10 billion rupees ($116 million), primarily for working capital, said the people, who asked not to be identified because the discussions are private. The talks were preliminary, and it's not clear if Ola or the lenders would choose to proceed further, the people said. Explore courses from Top Institutes in Please select course: Select a Course Category Operations Management Artificial Intelligence Public Policy Healthcare Finance CXO Cybersecurity Management Digital Marketing Data Science Technology PGDM Design Thinking Product Management Others Data Analytics others MBA Leadership Data Science Degree healthcare Project Management Skills you'll gain: Quality Management & Lean Six Sigma Analytical Tools Supply Chain Management & Strategies Service Operations Management Duration: 10 Months IIM Lucknow IIML Executive Programme in Strategic Operations Management & Supply Chain Analytics Starts on Jan 27, 2024 Get Details Potential details that were discussed included the tenor of any borrowing, which could be about 36 months, according to the people. They added that at least some of the potential lenders would treat this as special situation financing, and would ask for an interest rate between 17.5% and 20%. That range is typical for such deals that often involve businesses facing a liquidity crunch. 'Raising working capital is a routine aspect of running a business, something Ola Electric, and virtually every other company, does regularly,' said an Ola Electric spokesperson. 'Your claims are speculative and misleading and we decline to comment further on this topic.' The decline in Ola Electric's shares this year has come as it grapples with crises including instances of scooters catching fire, as well as eroding market share a year after a blockbuster IPO. As shares tumbled, founder Bhavish Aggarwal paid about 200 million rupees in cash to top up collateral for borrowings against the shares, Bloomberg reported in June. Live Events
Bloomberg
10 hours ago
- Automotive
- Bloomberg
Ola Electric Held Talks on Potential High-Yield Debt Financing
Ola Electric Mobility Ltd, an Indian electric vehicle maker whose shares have fallen about 50% this year, recently held talks with lenders to explore raising money through high-yield debt, according to people familiar with the matter. The company was seeking about 10 billion rupees ($116 million), primarily for working capital, said the people, who asked not to be identified because the discussions are private. The talks were preliminary and it's not clear if Ola or the lenders would choose to proceed further, the people said.
Indian Express
a day ago
- Automotive
- Indian Express
Maharashtra govt to launch ride-hailing app to compete with Ola, Uber
The Maharashtra government will soon introduce an app-based autorickshaw, taxi, and e-bike service aimed at creating jobs for local youth, particularly those from the Marathi-speaking belt, Transport Minister Pratap Sarnaik said on Monday. The service that would be operated under the state transport department would offer a competition for the private players in the sector, which is currently dominated by private cab aggregator platforms such as Ola, Uber, and Rapido, according to Sarnik. The proposal has received an in-principle nod from Chief Minister Devendra Fadnavis and deputy chief ministers Eknath Shinde and Ajit Pawar, but the clearance from the Cabinet is expected soon, Sarnaik said. Sarnaik, who is also the chairman of Maharashtra State Road Transport Corporation (MSRTC), said the app-based aggregator platform for the state is almost complete, and the government is deliberating on names such as Jai Maharashtra, Maha-Ride, Maha-Yatri, or Maha-Go for the app. The app is being developed in collaboration with institutions such as the Maharashtra Institute for Transport Technology and Maharashtra Institution for Transformation (MITRA), with private players in consultation. 'This will not only offer comfortable travel for commuters but also generate employment for thousands of youngsters in Maharashtra,' Sarnaik said, adding that all terms in the Centre's aggregator policy guidelines are being adhered to. The government plans to check the monopoly and ensure transparency in fare levels and drivers' benefits, officials from the transport department said. The app will offer services by auto-rickshaws, taxis, and e-bikes in towns and cities. Officials indicated that the platform will also be made compatible with the Central Government's Motor Vehicle Aggregator Guidelines, 2020, which stipulate safety, accountability, and fare regulation standards for digital transport aggregators. 'The government has the technical knowledge, infrastructure, and manpower. This model, if well implemented, will serve the interests of both service providers and users,' he added.
Business Standard
a day ago
- Business
- Business Standard
Dharmayana - Daily Hindu App Raises USD 500K in Pre-Seed After a Strong Bootstrapped Year
PNN Bengaluru (Karnataka) [India], July 29: In a world increasingly driven by convenience and technology, Dharmayana, a faith-tech startup, is redefining how Hindus stay connected to their religious and spiritual roots. Bootstrapped in 2024, Dharmayana aims to be the authentic digital companion for holistic Hindu living across all dimensions -- Aachara (rituals and customs), Shastra (astrology and allied services), Bhakti (devotion), Adhyayana (scriptures and culture), Dhaana (donations), and Svastya (health and wellness). "Hinduism is incredibly rich but fragmented, and can be hard to navigate -- especially for those in nuclear families seeking dharmic guidance," said Mohan, Founder of Dharmayana and a seasoned leader from Amazon, Microsoft, Yahoo, Ola, and Halodoc. "We are building Dharmayana to make authentic rituals and spiritual wisdom accessible, trusted, and easy to integrate into modern daily life." Dharmayana's early traction reflects strong fundamentals, driven by product-market fit and organic adoption. The platform now serves over 500,000 users, with 100,000+ monthly active users. In January 2025, it secured $500K in pre-seed funding, backed by industry veterans and former colleagues from companies like Grab, Ola, Halodoc, LinkedIn, Amazon, and Motorola. Targeting India's $56 billion Hindu spiritual market, much of which remains offline, Dharmayana is now preparing for its next phase: scaling nationally and becoming a category leader in the faith-tech space. The company is planning its first institutional round in 2026 to fuel this expansion. A Daily Spiritual Companion, Built for the Modern Hindu Dharmayana is designed to build daily engagement and habit formation through features like the Panchanga (Hindu calendar), daily prayers, festival guides, personalized predictions, and guided dhyana -- all free to use. The platform also offers affordable and high-trust services such as Archana, Chadav, Kundali consultations, and a Free Birthday Pooja, helping users ease into digital spiritual experiences. This approach has driven strong early value realization in a category where digital adoption is still evolving. As trust deepens, users naturally progress to premium offerings -- including custom handwritten kundalis, astrology consultations, and guided rituals at sacred sites like Kashi, Rameshwaram, and Brindavan. This thoughtful value ladder has helped Dharmayana achieve both retention and early monetization.
