Connect with us

Latest News

Tiger Global Sells Ola Stake To SoftBank

Published

on

Tiger Global Sells Ola Stake, Tiger Global Sells Ola Stake To Softbank, Softbank Ola Investment, Startup Stories, Latest Business News, Softbank Eyes Tiger Global, Softbank Acquire Ola Stake, Tiger Global trade Ola Stakes, Softbank Buy Tiger Global Stake, Tiger Global Ola Stake Sales, Softbank Buy Ola Stake

Tiger Global, the international private equity investor, will reportedly sell a portion of its stake in Ola to Japan based SoftBank. Venture capital fund SoftBank is currently in the final stages of acquiring an additional 10%-12% in Ola’s parent company ANI Technologies. This move comes after Tiger Global’s Management Partner, Lee Fixel, stepped down from Ola’s board last week.

According to a news daily, the Japanese firm is ready to pay close to $ 400 to $ 500 million in an attempt to increase its holdings in the ride hailing company to around 50% from 40%. Currently, Tiger Global holds close to 22% stake in the cab aggregating company. This deal between Tiger Global and SoftBank could give Ola’s second largest backer a partial exit.

Ola raised close to $ 1.1 billion in a funding round led by Chinese internet major Tencent Holdings Ltd., along with existing investor SoftBank last month. The Bengaluru based company was also in talks to further raise $ 1 billion as a part of the current financing round. Ola, which has a presence in 110 cities across India, provides a wide array of services including online booking of auto rickshaws and bikes, along with cabs. Launched in 2011, Ola raised close to $ 3.9 billion in capital in 11 funding rounds. The company also claims to have around 20 investors including Microsoft and eBay. Tiger Global was one of Ola’s early investors and also led the company’s Series A funding round.

However, SoftBank has been placing huge bets on startups all over the world. The company also finalized a $ 1 billion investment in Uber, Ola’s prime rival. Several media reports suggest SoftBank may integrate both the cab aggregator companies to take regional firms to international markets and bring the global portfolio companies to India. SoftBank Vision Fund CEO Rajeev Misra hinted the company’s intentions to consolidate both the startups in September this year stating, “We own more than 30% in Ola and we would own much less stake in Uber. We have owned the stake in Ola since 2014 and it does send conflicting signals. But we are hoping that we make peace between them at some point.

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest News

Inkers Technology Raises $3 Million to Revolutionize Construction with AI!

Published

on

Inkers Technology Raises $3 Million to Revolutionize Construction with AI!

Inkers Technology, a leading AI-powered construction technology startup, has successfully raised $3 million in a Series A funding round led by prominent investor Ashish Kacholia’s Lucky Investments. This funding will be instrumental in accelerating the company’s growth, expanding its team, and enhancing its innovative AI-powered platform, Observance.

How Observance Works

Observance is designed to transform the construction industry by automating complex data processing tasks and providing actionable insights. The platform leverages advanced AI algorithms to process vast amounts of construction data, including:

  • Point Cloud Data: Captured from laser scans of construction sites.
  • Images: Photographic evidence of site conditions.
  • BIM Models: Building Information Modeling data that represents the physical and functional characteristics of facilities.
  • Project Schedules: Timelines that outline project milestones and deadlines.

Key Features

With Observance, construction teams can:

  • Identify Defects Early: The platform detects and prioritizes potential issues such as water seepage, concrete defects, and structural problems.
  • Streamline Workflows: Automates routine tasks and optimizes resource allocation to enhance efficiency.
  • Accelerate Project Delivery: Reduces project timelines and minimizes costly delays through improved planning and execution.
  • Improve Decision-Making: Provides valuable insights that enable informed decisions throughout the project lifecycle.

A Proven Track Record

Inkers Technology has already made significant strides in the industry, with its platform deployed across 150+ construction sites in major Indian cities such as Bengaluru, Delhi NCR, Kolkata, Chennai, and Hyderabad. Observance has processed over 2 petabytes of data, identifying more than 40,000 defects, which has saved clients millions of dollars in potential rework costs.

The unique approach of Observance sets it apart from traditional methods. It can quickly scan large areas—up to 100,000 square feet per hour—and generate accurate as-built 3D models, thermal maps, and detailed reports within 24 to 48 hours. This efficiency drastically reduces the time required for project planning and execution compared to conventional practices.

Future Growth Plans

The newly acquired capital will be utilized to further enhance Observance’s capabilities and expand its reach within the construction industry. Inkers Technology aims to drive digital transformation by solving critical challenges faced by infrastructure projects across India and beyond. The company plans to enhance its product offerings by integrating more advanced features such as real-time analytics and automated reporting tools.

Founders’ Vision

Co-founded by Rohan Shravan, Manish Giri, and Srikanth Kannada, Inkers Technology is committed to leveraging cutting-edge technologies like computer vision, deep learning, and hardware-level acceleration to optimize construction processes. Their vision is to create a more efficient and sustainable construction environment through innovative AI solutions.

Conclusion

With this fresh infusion of capital, Inkers Technology is well-positioned to revolutionize the construction industry and shape the future of building and infrastructure. By harnessing the power of AI through its Observance platform, the company not only enhances operational efficiencies but also contributes significantly to cost savings and improved project outcomes for its clients. As the construction sector increasingly embraces digital transformation, Inkers is poised to lead the charge with its innovative solutions.

Continue Reading

Latest News

DigiBoxx Partners with Arctera to Enhance Cloud Backup Solutions for Indian Firms!

Published

on

DigiBoxx Partners with Arctera to Enhance Cloud Backup Solutions for Indian Firms!

DigiBoxx, a prominent Indian cloud storage service provider, has announced a strategic partnership with Arctera, a leading data management firm. This collaboration aims to bolster cloud backup and recovery capabilities for Indian enterprises by integrating Arctera’s Backup Exec solution into DigiBoxx’s Megh3 platform.

Megh3: India’s First Indigenous Cloud Storage Solution

Megh3 is a pioneering indigenous, fully managed elastic cloud storage solution that offers cost-effective and scalable storage services tailored for Indian businesses. By integrating Backup Exec, Megh3 will further empower organizations to safeguard their critical data with advanced backup and recovery features. This partnership is particularly significant as it enhances the existing capabilities of Megh3, making it a more comprehensive solution for data management.

Key Benefits of the Partnership

  • Enhanced Data Protection: Arctera’s Backup Exec provides robust data protection capabilities, including advanced encryption, malware protection, and ransomware defense. This ensures that businesses can protect their sensitive information against various cyber threats.
  • Simplified Data Management: The integration simplifies data management tasks, reducing the need for extensive IT resources and infrastructure investments. Organizations can manage their data more effectively without overwhelming their IT teams.
  • Scalable and Reliable Backup: Backup Exec offers scalable backup solutions that accommodate growing data volumes and evolving business needs. This flexibility is crucial for businesses looking to adapt to changing market conditions.
  • Secure Data Storage: DigiBoxx’s Megh3 ensures that all data is stored securely within India, addressing concerns related to data sovereignty and compliance with local regulations. This feature is particularly appealing to businesses that prioritize data privacy and security.

Arctera’s Commitment to Data Protection

Arctera, which was recently spun off from Veritas Technologies, is dedicated to delivering innovative data protection solutions. The company’s Backup Exec product line is trusted by numerous organizations worldwide, including 70% of Fortune 100 companies. Simon Jelley, General Manager and Vice President of Data Protection at Arctera, emphasized the importance of reliable backup solutions, stating that Backup Exec provides comprehensive data protection and recovery capabilities that empower businesses to focus on their core operations.

Conclusion

This strategic partnership between DigiBoxx and Arctera marks a significant step toward strengthening the cloud infrastructure ecosystem in India. By offering advanced cloud backup and recovery solutions through Megh3, the two companies aim to empower Indian businesses to thrive in the digital age. As organizations increasingly rely on digital solutions for their operations, having robust backup systems in place becomes essential for ensuring business continuity and protecting valuable data assets. This collaboration not only enhances the technological landscape in India but also supports the broader goal of fostering digital transformation across various sectors.

Continue Reading

Latest News

Ola’s Head of HR Steps Down Amid Wave of Leadership Exits!

Published

on

Ola's Head of HR Steps Down Amid Wave of Leadership Exits!

N Balachandar, the Group Chief People Officer of Ola, has resigned from his position, marking the latest in a series of high-profile exits at the company. His departure comes during a tumultuous period for Ola, which has faced significant challenges and changes within its leadership team.

Background on N Balachandar

Balachandar joined Ola in 2021, overseeing the HR functions for various segments of the company, including ride-hailing, electric vehicles, and artificial intelligence. His role was crucial in shaping the company’s workforce strategy during a time of rapid growth and transformation. However, his exit adds to a growing list of departures that have raised concerns about stability within Ola’s leadership.

Recent Executive Exits

In recent months, Ola has witnessed several notable executive departures:

  • Siddharth Shakdher, the former Chief Business Officer of Ola Consumer, left to pursue other opportunities after a brief tenure.
  • Mahesh Alanthat, the former Vice President and Head of Sales at Ola Electric, also exited amid ongoing restructuring efforts.
  • The company has conducted layoffs, particularly within its electric vehicle division, further indicating internal challenges.

These exits highlight a potential crisis in leadership stability as Ola navigates a competitive landscape and seeks to redefine its strategic direction.

Challenges Facing Ola

Ola’s challenges extend beyond personnel changes. The ride-hailing sector is becoming increasingly competitive with the emergence of new players like Rapido and Namma Yatri, which have begun to capture market share. Additionally, Ola Electric has faced difficulties such as declining market share and rising customer complaints regarding service quality and product reliability.

The company’s struggles have been compounded by economic pressures and the need to adapt to shifting consumer preferences in both the ride-hailing and electric vehicle markets. This context makes it imperative for Ola to stabilize its leadership team and ensure continuity in its strategic initiatives.

Importance of Leadership Stability

As Ola continues to navigate these challenges, maintaining a strong and stable leadership team will be crucial. The company must focus on rebuilding trust among employees and stakeholders while fostering an environment conducive to innovation and growth. Effective leadership is essential for steering the company through its current difficulties and positioning it for future success.

Conclusion

N Balachandar’s resignation from Ola is emblematic of broader issues within the company as it grapples with significant changes in its executive ranks. With multiple high-profile exits occurring in quick succession, Ola faces an urgent need to stabilize its leadership and address operational challenges. As the company works to regain its footing amidst increasing competition and market pressures, it will be vital for them to implement strategies that bolster both employee morale and customer satisfaction.

Continue Reading
Advertisement

Recent Posts

Advertisement