The Capital Quest. This development comes at a time when Ola has revealed new growth plans, including setting up a Rs 2,400-crore electric vehicle facility expected to become the world’s largest two-wheeler factory. Ola’s ride-hailing business is recovering after the coronavirus pandemic’s hurt and demand for its food business and financial services improves.
The Capital Quest report said Ola, operated by ANI Technologies Pvt. Ltd, was one of the worst-hit technology startups in India as many companies switched to a work-from-home routine and physical distancing norms curbed demand for travel. It said the company’s revenue plunged around 95 per cent after India imposed a lockdown in late March 2020, co-founder and CEO Bhavish Aggarwal had said at the time. This even forced the company to cut costs and lay off staff.
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