Ola Consumer has reintroduced its ride-sharing feature on the Ola app after a four-year hiatus, marking a significant move in the competitive landscape against rivals Uber and Rapido, as per Moneycontrol report.
The announcement was made by Bhavish Aggarwal, Co-founder of Ola, during the company’s annual product launch event, Sankalp, on August 14. Alongside the reintroduction of ride-sharing, Aggarwal revealed that Ola Cabs will undergo a rebranding as Ola Consumer. Additionally, a new loyalty program, Ola Coin, was unveiled, which will reward users for every transaction made across Ola’s mobility, e-commerce, and logistics services, as per the report.
“At Ola Consumer, our aim is to ensure that every consumer has access to the best products and services without barriers of traditional commerce,” Aggarwal stated during the rebrand announcement, as quoted by Moneycontrol.
The ride-sharing option was previously suspended by both Ola and its US-based competitor Uber in 2020 due to the rising COVID-19 cases in India.
In another development, Ola’s electric vehicle arm, Ola Electric, listed on the Indian stock exchanges on August 9. The company also plans to launch a new series of motorbikes to expand its footprint in the two-wheeler market. Ola Electric faces competition from Ather Energy, which is reportedly planning to go public on Indian exchanges next year.
Ola Electric shares plunge following recent rally
Shares of Ola Electric Mobility saw a sharp decline of 5 percent on Thursday, as investors moved to book profits following a significant surge in the stock since its recent listing. The stock closed at ₹131.30 per share on the BSE, down 4.96 per cent, while on the NSE, it settled at ₹131.55, marking a 4.71 per cent decline.
During the intraday session, Ola Electric’s stock dropped over 8 per cent, reaching a low of ₹125.96 on the BSE and ₹126.05 on the NSE. Despite the recent dip, the stock has had a remarkable run since its debut on August 9, with prices soaring by as much as 107 per cent to a high of ₹157.5 on August 20.
In terms of trading volume, 10.72 crore equity shares were exchanged on the NSE, and 1.43 crore shares were traded on the BSE.
