Taxi operators and online cab aggregators currently collect about 6 percent service tax (including cess), from passengers
The development comes at a time when Softbank has concluded $1.4 billion deal in Paytm and is also leading a very crucial merger of one of its portfolio companies Snapdeal, with larger rival Flipkart
"These homeowners and professionals expressed strong interest in helping us localize Houzz for India, and we're excited to work with them to further tailor the experience," says Adi Tatarko, CEO and co-founder of Houzz, which made the CNBC Disruptor 50 list for the third straight year.
Traditionally, in India, the taxi Industry has been predominantly an unorganised sector. The founder of Meru Cabs talks about why cab aggregators are destroying taxi market and causing traffic on Indian roads by dumping capital.
Softbank had previously written down USD 555 million, for its investment in Snapdeal and Ola, in the six months ending September 2016.
SoftBank Group Corp (SBG) registered loss from financial instruments at FVTPL (fair value through profit or loss) of Japanese yen 160,419 million in consolidated financial statements for the fiscal year ended March 2017, SoftBank said in a statement.
The taxi industry in India in recent weeks has also seen a series of protests including hunger strikes by drivers of cab aggregators over issue of declining earnings.
Out of the 1,000 people, about 400 are based in Hyderabad, in its customer support centre of excellence division.
According to sources, Ola made an offer to acquire in-car entertainment hardware company SpotPlay, which was rejected by the young company
This round of funding comes close on the heels of USD 250 million (Rs 1,675 crore) it received from SoftBank last month
“We terminated the driver partner from Ola as soon as we received a complaint from the customer,” the company said in a statement.
SoftBank-backed cab aggregator Ola posted a consolidated loss of over Rs 2,311 crore during fiscal 2015-16.
The four-week-long contest will see Ola driver partners score runs by completing simple tasks and redeeming them against prizes such as Cars, TVs, Laptops and scholarships in cricket academies for children of driver partners.
The court also directed the joint commissioner of police (traffic) to ensure that drivers attached to Uber are not stopped or blocked from plying on the roads and their vehicles are not damaged.
The board of the Bengaluru-based company has approved a proposal to raise up to USD 100 million from existing shareholders in a recent meeting.
An IIT-Madras study suggests that traffic jams in Delhi alone have a congestion cost of USD 10 billion annually
The protest is broadly against a gradual withdrawal of incentives by the cab aggregators resulting into a major cut in take-home salaries
This multi-city programme is an on-ground initiative to help thousands of aspiring auto driver partners to take the first step towards entrepreneurship and achieve their dreams, the company said.
Sarvodaya Drivers Association of Delhi (SDAD), which has given a call for the strike, claimed that more drivers will join the protest from afternoon onwards against "low fares"
India's very own Tesla is off to a crooning start in Hyderabad -- Gayam Motor Works: the company that Ola is reportedly looking to partner with for its electric vehicle (EV) foray, told CNBC-TV18 that their swap stations to refuel lithium-ion batteries could propel the EV story here.
The allotment of shares was done in November last year, it added. The latest funding, however, is believed to have come at a lower valuation. According to sources, the move comes at a time when Softbank is working on selling Snapdeal, an e-commerce platform it invested heavily in India, to larger rival Flipkart.
The customisable package involves 10-hour or 100 kms rides to 10 Mumbai spots such as Juhu Beach, Mannat (residence of Bollywood actor Shahrukh Khan), Haji Ali, Marine Drive, Gateway of India, and Siddhivinayak, among others, where tourists can ride with Ola, the company said in a statement issued here.
Raising the issue during the Question Hour, Takle said that after app-based cab aggregators came into the picture, the business of black and yellow taxi drivers has gone down considerably and he questioned if the government will take steps to ensure they survive the fierce competition.
Watch the interview of Bhavish Aggarwal, Co-Founder & CEO, Ola Cabs with Syna Dehnugara on CNBC-TV18, in which he shared his reading and outlook for Ola Cabs.