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Indian grocery delivery startup Grofers raises ~$60M from SoftBank Vision Fund, as part of a larger Series F round in progress, reportedly at a $425M valuation — SoftBank has moved Grofers to its $100 billion Vision Fund. The Japanese group had earlier backed the e-grocer through its balance sheet.
Ola, Uber’s key rival in India, is doubling down on electric vehicles after it span out a dedicated business, which has pulled in $56 million in early funding.
The unit is named Ola Electric Mobility and it is described as being an independent business that’s backed by Ola. TechCrunch understands Ola provided founding capital, and it has now been joined by a series of investors who have pumped Rs. 400 crore ($56 million) into Ola Electric. Notably, those backers include Tiger Global and Matrix India — two firms that were early investors in Ola itself.
While automotive companies and ride-hailing services in the U.S. are focused on bringing autonomous vehicles to the streets, India — like other parts of Asia — is more challenging thanks to diverse geographies, more sparse mapping and other factors. In India, companies have instead flocked to electric. The government had previously voiced its intention to make 30 percent of vehicles electric by 2030, but it has not formally introduced a policy to guide that initiative.
Ola has taken steps to electrify its fleet — it pledged last year to add 10,000 electric rickshaws to its fleet and has conducted other pilots with the goal of offering one million EVs by 2022 — but the challenge is such that it has spun out Ola Electric to go deeper into EVs.
That means that Ola Electric won’t just be concerned with vehicles, it has a far wider remit.
The new company has pledged to focus on areas that include charging solutions, EV batteries, and developing viable infrastructure that allows commercial EVs to operate at scale, according to an announcement. In other words, the challenge of developing electric vehicles goes beyond being a ‘ride-hailing problem’ and that is why Ola Electric has been formed and is being capitalized independently of Ola.
An electric rickshaw from Ola
Its leadership is also wholly separate.
Ola Electric is led by Ola executives Anand Shah and Ankit Jain — who led Ola’s connected car platform strategy — and the team includes former executives from carmakers such as BMW.
Already, it said it has partnered with “several” OEMs and battery makers and it “intends to work closely with the automotive industry to create seamless solutions for electric vehicle operations.” Indeed, that connected car play — Ola Play — likely already gives it warm leads to chase.
“At Ola Electric, our mission is to enable sustainable mobility for everyone. India can leapfrog problems of pollution and energy security by moving to electric mobility, create millions of new jobs and economic opportunity, and lead the world,” Ola CEO and co-founder Bhavish Aggarwal said in a statement.
“The first problem to solve in electric mobility is charging: users need a dependable, convenient, and affordable replacement for the petrol pump. By making electric easy for commercial vehicles that deliver a disproportionate share of kilometers traveled, we can jumpstart the electric vehicle revolution,” added Anand Shah, whose job title is listed as head of Ola Electric Mobility.
The new business spinout comes as Ola continues to raise new capital from investors.
Last month, Flipkart co-founder Sachin Bansal invested $92 million into the ongoing Series J round that is likely to exceed $1 billion and would value Ola at around $6 billion. Existing backer Steadview Capital earlier committed $75 million but there’s plenty more in development.
A filing — first noted by paper.vc — shows that India’s Competition Commission approved a request for a Temasek-affiliated investment vehicle’s proposed acquisition of seven percent of Ola. In addition, SoftBank offered a term sheet for a prospective $1 billion investment last month, TechCrunch understands from an industry source.
Ola is backed by the likes of SoftBank, Tencent, Sequoia India, Matrix, DST Global and Didi Chuxing. It has raised some $3.5 billion to date, according to data from Crunchbase.
Tesla made a flurry of announcements this afternoon with the highlight being the company’s reveal of its $35k Model 3. That reveal grabbed the most headlines, but updates to the Model S and Model X lines brought the costs of high-end models down with maxed out Performance + Ludicrous Mode versions of the S and X receiving healthy $18k discounts.
The Model S has the same entry-level price at $79k but the price bump to go from the Standard Range to more souped up versions is a lot more accessible with some huge price drops on the Long Range and Performance models.
The Long Range Model S, which takes the top speed from 140mph to 155 mph and the range from 270 miles to 335 miles, now prices in at $83k, down from $96k. With $4k separating the standard and long-range models, it’s interesting that they even decided to keep the Standard Range version and didn’t just have the Long Range as the entry-level model with the Performance version (now $13k cheaper as well at $99k) maxing things out.
The Long Range Model X now starts at $88k, down from $96k. Moving up to the Performance model which drops the 0-60 mph time to 3.5 seconds is $104k, previously $117k. With both Performance models of the S and X, you can add Ludicrous Mode for $15k, an upgrade that used to be $20k.
How is Tesla able to make these big cuts? Well, Tesla CEO Elon Musk highlighted the company’s coming closure of its physical dealerships as a major catalyst for the price drop across its product line.
“Shifting all sales online, combined with other ongoing cost efficiencies, will enable us to lower all vehicle prices by about 6% on average, allowing us to achieve the $35,000 Model 3 price point earlier than we expected,” the company wrote in a post.
Via Tesla:
Revolut CFO Peter O'Higgins resigns this week in wake of allegations made against Revolut of allowing money laundering, and using dodgy hiring practices — The CFO of Revolut has resigned as the fintech unicorn makes headlines for all the wrong reasons, with allegations surface over serious lapses …
LinkedIn suspends emails to connections when a European member has been mentioned in the news, after algorithm mixes up identities — LinkedIn has been forced to ‘pause’ a feature in Europe in which the platform emails members' connections when they've been ‘mentioned in the news’.
Thailand's government passes cybersecurity bill that has been criticized for vagueness and the potential to give the government sweeping access to user data — Thailand's government passed a controversial cybersecurity bill today that has been criticized for vagueness and the potential to enable sweeping access internet user data.
Dell reports Q4 revenue of $23.84B, up 9% YoY, in its first quarter as a newly public company, but a net loss of $287M, up from $133M in 2018 — In its first quarter as a newly public company, Dell Technologies Inc. today reported marginally better-than-expected quarterly revenue growth but a higher-than-expected net loss.
Twitter says in the coming months it will test a Hide Tweet feature that allows users to hide replies to their tweets that others can view through a menu option — Twitter has confirmed it's developing a new “Hide Tweet” option, but has yet to provide detail about its launch plans for the feature.
Tesla says it is shifting all sales globally to online, resulting in some store closures and layoffs but allowing vehicle prices to be lowered by ~6% on average — Tesla is moving all of its sales online, a dramatic shift in its sales strategy that will result in the closure of stores …
In letter to Sen. Warner, Facebook says teens were ~18% of users of its Research app over its lifetime; Facebook had said publicly that teens were less than 5% — Facebook has changed its story after initially trying to downplay how it targeted teens with its Research program …
RIAA: US revenue for recorded music grew 12% in 2018 to $9.8B largely due to a 30% surge in streaming revenue; subscriptions to services like Spotify topped 50M — The U.S. music industry posted its third consecutive year of double-digit growth, according to the RIAA's year-end revenue report issued today.
Tesla is moving all of its sales online, a dramatic shift in its sales strategy that will result in the closure of stores and some layoffs as the automaker looks for ways to reduce costs in order to bring a cheaper Model 3 to market.
Tesla CEO Elon Musk didn’t say how many stores would close. He noted that some stores would remain and turn into information centers and showrooms. The company didn’t provide specific numbers on how many retail employees might be affected.
“We will be closing some stores and that will be some reduction in head count as a result; there’s no question about that,” Musk said. “There’s no other way for us to achieve the savings required to provide this car and be financially sustainable. I wish there was another but unfortunately, it will entail reduction in workforce on the retail side, no way around it.”
The shift to online-only sales, plus other cost efficiencies, allowed the company to lower all vehicle prices by about 6% on average and finally offer $35,000 Model 3.
Meanwhile, Tesla plans to hire more service technicians, or mechanics, Musk noted during a call with reporters Thursday. Tesla didn’t provide details on how many mechanics it plans to hire.
In order to mitigate the need for a test ride, Tesla is extending the return policies on its vehicles. New customers will be able own a car for a week and driver for 1,000 miles and still return it for a full refund if they don’t like it, Musk said.
“That’s why we’re going to essentially allow somebody to use the car for free for a week, and return it for a full refund,” Musk said. “And we’re going to make it super easy to get a refund like one click refund.”
Tesla announced Thursday that it was offering a $35,000 version of the Model 3, that will have a 220 miles of range and be able to reach a top speed of 130 miles per hour.
The company also said it’s introducing a Model 3 Standard Range Plus version, which offers 240 miles of range, a top speed of 140 mph, and 0-60mph acceleration of 5.3 seconds as well as most premium interior features at $37,000 before incentives.
Forget the office ping pong table, Cherry, a startup in Y Combinator’s latest batch, wants to let employees take company perks into their own hands.
Cherry co-founders (and sisters) Gillian and Emily O’Brien say their Slackbot marketplace will let employees completely personalize the lifestyle benefits they get from their company, allowing them to set up a Spotify Premium account or buy a subscription to Classpass instead of just taking what perks their company dishes out at face value.
Companies will pay huge amounts of money to deliver sweeping employee memberships or build a company gym even if there are only a few people interested in using them. Cherry could potentially eliminate a lot of wasted efforts while still managing to potential recruits. The available subscriptions run the gamut from things like Classpass, Netflix, Spotify, Peloton, Postmates and other services that allow employees to feel like they’re getting.
A sampling of Cherry’s 40+ available services.
“There’s money that [companies] are wasting that they could save by just giving everyone this budget and letting them choose for themselves,” CEO Gillian O’Brien told TechCrunch. “We also feel [our service] really stands out on an offer — it could be a big differentiator in terms of hiring or just having that on a company’s careers page.”
Users set up their own subscription accounts; Cherry handles paying for employee perks via gift codes and lets them make changes to their cyber-benefits whenever they’d like.
Cherry is charging startups $149 per month to manage the first 10 employees with $15 per person. You can designate as little as $15 per month per employee, but given that it costs that much per employee to even use the service, it’s more likely that customers will be throwing down a bit more.
For now, all of this takes place in Slack via a Cherry chatbot, you can pick from available options by tapping buttons; it’s all pretty lightweight and simple.
The service seems like something that would be especially attractive to remote teams, giving employees who aren’t able to stop in for a free lunch or get a monthly massage the ability to treat themselves on company dime. This also enables smaller startups to just throw money at an attractive employee perks solution without having to add more responsibilities to someone’s job.
Cherry’s platform is live now, you can sign-up and check things out on their website.
