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Cab aggregator Ola raises $1.1 bn from venture funds (Second Lead)

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Bengaluru, Oct 11 (IANS) Leading cab aggregator Ola on Wednesday said it raised $1.1 billion (Rs.7,150 crore) in latest funding round from venture firms led by Tencent Holdings Ltd, a leading Chinese internet firm.

“Our investors like SoftBank and other US-based financial investors have participated in this round of funding,” said the company in a statement here.

Ola is also in talks with other investors to raise an additional $1 billion with new and existing investors.

Ola operates in 110 cities across the country using cars, auto-rickshaws, bikes and vehicles equipped with connected car platform for ride-sharing.

But the six-year-old mobile-app hailing taxi aggregator did not disclose in the statement which funding round is the latest and how much it had raised cumulatively so far, from whom all and when, with break-up.

An Ola spokesperson, however, told IANS later that the company had raised $500 million in November 2015 from investment management firm Baillie Gifford, China’s largest taxi-hailing services firm Didi Kuaidi and its investors Falcon Edge Capital, SoftBank, DST Glob and Tiger Global.

Ola will also benefit from Tencent’s expertise in the country’s mobility market.

Then Mumbai-based Ola expanded its operations in March 2015 by acquiring the city-based TaxiForSure competitor for $200 million (Rs.1,200 crore) in a cash-cum-stock deal.

“We will invest the fresh funding in supply, technology and innovations to build the country’s growing transportation needs,” said Ola co-founder and Chief Executive Bhavish Aggarwal on the occasion.

The company will also use artificial intelligence and machine learning to solve the country’s mobility problems and offer affordable transportation.

IIT-Bombay alumni Ankit Bhatia joined Aggarwal in co-founding Olacabs in January 2011 in Mumbai as a mobile app for personal commuting in cities.

The company has about 800,000 vehicles for booking online on its platform in 110 cities across the country to commute on individual or shared basis.

Ola has pioneered transportation solutions to solve congestion and pollution problems with share and multimodal electric vehicles on its virtual platform.

“As the transportation and mobility sectors are undergoing changes globally, we want to build a competitive system to support a nation on the move,” noted Aggarwal.

Tencent President Martin Lau said as Ola’s offerings were tailored to meet the country’s transportation needs, the partnership would enable his firm to be part of the growing ride-hailing space.

–IANS
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Apple is giving a huge discount on its gadgets: Details inside

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If you want to buy an iPhone and were waiting for a nice offer, then we have a piece of good news for you! Amazon Summer Sale May 2022 has begun and they are offering major discounts on various smartphones, laptops, and smart TVs, among others.

The sale is live now on the e-commerce platform with no-cost EMI options and exchange discounts on various products. In addition to this, Amazon has also partnered with several banks including ICICI, Kotak Bank, and RBL so that customers get instant discounts of up to 10% using their cards and EMI transactions.

Customers can easily enjoy this summer sale and get massive discounts on iPhones. They can also compare prices on Flipkart Big Saving Days Sale 2022 before making a purchase.

 

Amazon Summer Sale May 2022: Discount offer on iPhone 13 

Apple’s coveted phone model iPhone 13 in the 128 GB storage model will be available during the Amazon Summer Sale May 2022 for Rs 64,900. The MRP of the phone is Rs 79,900. This means that the customers will be able to enjoy a discount of up to Rs 15,000 on the purchase of the iPhone 13.

If you have an old iPhone in working condition then you will also be eligible to receive another additional discount worth up to Rs 17,000 on the iPhone 13.

Buy at Rs. 64,900 (MRP – Rs. 79,900)

Features of Apple iPhone 13 

The iPhone is powered by an A15 Bionic processor with 6 core CPU. Apart from this, it has 16 core neural engines. With the iPhone 13, up to 512 GB of storage will be available. The iPhone 13 has a 6.1-inch Retina XDR display with 1000 nits brightness.

The iPhone 13 has a 12-megapixel dual rear camera setup. This time a new wide-angle camera has been given, whose aperture is f/1.6. With this, there is support for sensor optical stabilisation. Night mode has been made better than before. The second lens is also 12 megapixels ultra-wide and has an aperture of f/2.4.

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