Connect with us

Entrepreneur Stories

Ola Will See Profits Soon Says Co-Founder Bhavish Aggarwal

Published

on

ola, ola co-founder Bhavish Aggarwal, Bhavish Aggarwal, Ola to turn profitable in two years, ANI Technologoies, cab hailing firm, uber, ola ride sharing, Ola will see profits soon, ola share, ola prime, ola in trouble, ola in loss, Business, Bhavish Aggarwal latest news, ola latest news, startup stories

India’s very own cab hailing company Ola will start seeing profits in 2 years, its Co-Founder Bhavish Aggarwal claimed during an event on India Internet Day, 2017. His plan is “ to go into niche areas and build relevant products that will significantly improve the bottom line.“

In its last available fiscal report from 2014-15, in order to save the ship from sinking and to fend off stiff competition from its prime competitor Uber, Ola lost around Rs. 3 for every Rs. 1 in revenue. Its net loss is at a whopping Rs. 754.8 crores, in comparison to its loss last year which was at Rs. 34.2 crores.

Aggarwal said Ola Share and Ola Prime were the company’s fast-growing categories. But ironically, this carpooling services offered by Ola (Ola Share) and Uber(Uber Pool) faced problems, with the Karnataka Government Transport department ordering the two companies to cease all carpooling schemes in January. It was because no proper steps had been taken to regulate this mechanism of car pooling.

When asked about drivers’ grievances, Aggarwal said the company is in the process of launching a whole new set of products for drivers. These app-based taxi service companies saw several hiccups in February, with over hundreds of drivers across various cities entering into protests against the falling incomes and incentives.

To add fuel to the fire, a few from the company’s top brass recently decided to quit their positions and wanted to be relieved of their duties to the company. Notable names involved Chief Marketing Officer Raghuvesh Sarup and Chief Financial Officer Rajiv Bansal. Sundeep Sahni, a highly talented hire who headed the company’s new initiatives, and Abhimanyu Rawal, head of the luxury cab service Ola Lux, had also resigned in December.

In spite of all this, Mr. Aggarwal is firm and confident things will turn around in due time, and his company will persevere through these dark times to once again see the light of day.

Will they? Or won’t they? Only time can tell.

Continue Reading
Advertisement
Click to comment

Leave a Reply

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

Entrepreneur Stories

Meta’s Upcoming AR Glasses: A Sneak Peek

Published

on

Meta’s Upcoming AR Glasses: A Sneak Peek,Startup News,Startup Stories 2025,Startup Stories India,Tech News,Meta,AR Glasses,Ray-Ban Smart Glasses,OLED displays,Qualcomm Snapdragon,AR and AI,Meta unveils new AR glasses with heart rate monitoring,Meta’s Upcoming AR Glasses,Meta News,Meta Latest News,Meta Updates,Meta Latest Updates,Orion AR glasses,Meta AR glasses,Meta's upcoming ar glasses,Meta Upcoming AR Glasses,Meta AR Glasses News,Meta AR Glasses Latest News,Meta AR Glasses Update,Meta AR Glasses Latest Update,Ray-Ban,Marketing,Apple,Google,Meta's AR glasses with Mark Zuckerberg,Mark Zuckerberg,Mark Zuckerberg Latest News,Mark Zuckerberg News,Technoly,Electronics,

Meta is developing its first true AR glasses, set to launch in 2027. Before the public release, employees will test the device starting in 2024. The company is also releasing new generations of Ray-Ban smart glasses in 2023 and 2025 with enhanced features like a “viewfinder” display.

Specifications and Features

The AR glasses are expected to feature OLED displays and Qualcomm Snapdragon chipsets, offering sophisticated AR and AI capabilities. They will enable users to interact with virtual objects and project high-quality holograms of avatars onto the real world.

Design and Competition

Meta aims for a sleek design, potentially building on its Ray-Ban partnerships. The AR glasses market is competitive, with Apple and Google also investing heavily. Meta seeks to make its AR glasses a game-changer by offering a unique user experience.

Future Plans

In addition to AR glasses, Meta is expanding its VR offerings with new headsets like the Quest 3 and exploring other wearable technologies. The company is focused on reducing costs to make the AR glasses more consumer-friendly by launch.

Continue Reading

Entrepreneur Stories

From Digital Wallet to Stock Market: MobiKwik Expands Its Horizons with New Brokerage Venture

Published

on

From Digital Wallet to Stock Market: MobiKwik Expands Its Horizons with New Brokerage Venture

MobiKwik is venturing into the stock broking sector with the launch of its subsidiary, MobiKwik Securities Broking Private Limited (MSBPL), following approval from the Ministry of Corporate Affairs on March 3, 2025. This move aims to diversify MobiKwik’s offerings beyond its core digital payments services and compete with established players like Zerodha and Groww.

MSBPL will provide a range of brokerage services, including trading in shares, securities, commodities, and derivatives. The subsidiary has an initial capital of Rs 1 lakh, with plans for an additional Rs 2 crore investment to support its operations.

As MobiKwik enters this competitive market, it brings a substantial user base of 172 million and a merchant network of 5 million. Despite recent financial challenges, including a reported loss of Rs 55.2 crore in Q3 FY25, the company aims to leverage its existing infrastructure and user engagement to capture a share of the growing investment technology market, projected to reach $74 billion by 2030.

This strategic expansion aligns with MobiKwik’s broader goals of enhancing its financial service

Continue Reading

Entrepreneur Stories

Strategic Shift: Nazara Sells Entire Stake in Sports Unity Amid Financial Challenges

Published

on

Strategic Shift: Nazara Sells Entire Stake in Sports Unity Amid Financial Challenges

Nazara Technologies has sold its entire 71.54% stake in Sports Unity Private Limited, the company behind the multiplayer quiz game ‘Qunami’, for INR 7.15 lakh. This divestment, effective March 25, 2025, signifies a strategic shift for Nazara, which had previously acquired a controlling interest in Sports Unity in 2019 for INR 7.5 crore.

The decision to offload the stake comes as Sports Unity has faced financial difficulties, reporting no active business operations and a negative net worth of INR 0.45 crore at the end of FY24. This move aligns with Nazara’s broader strategy to streamline its operations and concentrate on more profitable ventures within the gaming sector.

This sale follows Nazara’s recent divestment of a 94.85% stake in another subsidiary, Open Play, to Moonshine Technologies for INR 104.33 crore. Despite reporting record quarterly revenue of INR 544.7 crore in Q3 FY25, Nazara experienced a 53.5% decline in net profit year-over-year.

Nazara continues to focus on enhancing its portfolio through strategic acquisitions and investments in high-potential gaming platforms while navigating the competitive landscape of the gaming industry.

Continue Reading
Advertisement

Recent Posts

Advertisement