OLA Detects Corrupt Practices

An Ola spokesperson confirmed that the event claiming that there is an indoor investigation that is currently underway and that no details can be given immediately to others.


Home-grown ride-hailing application in Bengaluru, Ola stated an inspect into fraud law allegations against the company’s HR and administration head about this case, Saikia Yugantar, who was allegedly involved in favouring select recruitment vendors and reversely receiving money estimated to be worth many dollars than content, consistent with a Factor Daily affirmed.

Yugantar remains on the corporate rolls for the purpose of the investigation.
In January 2015, Saikia was recruited to go to Ola for human resources and was also given additional responsibility of Chief Administrative Officer over the course of a few months.

He completed his notice period and was expected to leave the company by the end of March, but his laptop was confiscated during the last week and he was told to no longer report to work.
He served his notice period and was expected to leave the company by the end of March, but his laptop had been seized in the last week and he was asked not to report back to work.

Corporate sources say the investigation has been underway since the beginning of January.

Prior to Ola spokesperson, Saikia was one of the senior director at Silicon Valley-headquartered in California, us analytics software company FICO and also worked at American Express, for 2 years after receiving an MBA from XLRI Jamshedpur.

Ola, which is valued over $4 billion, is backed by a number of the world's biggest technology investors like Japan's Softbank and China's Tencent Corporation

PUSH FOR LEASING BUSINESS
Ola has 10,000 vehicles on the verge, making it the largest operating leasing company in Asia. Regulatory filings show that Ola had Rs 1,237 crore worth of property, plant and equipment on record for the financial year of March 2019. "These companies are both high-margin and low-risk investments," the quoted person said earlier, adding that the plan has varied since its first unstarted launch in 2016.

In 2016, the corporate was leasing cars to drivers for an initial deposit then monthly lease payments with an choice to own the vehicle after three years.Nonetheless, in just one year, drivers began defaulting on loan payments due to a decline in incentives and a rise in take-up rates.


This time around, Ola is watching leasing to corporate and for its self-drive business and to not drivers to feature more capacity on its platform. Both these businesses are high-margin for the company. It also works with companies such as Vogo to lease two-wheelers to the firm for a monthly fee. Ola and Vogo had jointly said they will add 100,000 two-wheelers onto the roads with an investment of $100 million in sourcing the scooters. “There is also a layer of maintenance and management infrastructure being built to keep cost of running vehicles low,” said a person aware of the development.


LOWERING LOSSES
Ola's announced revenue rose 16 per cent to Rs 2,155 crore for 2018-19, while losses fell to Rs 1,158 crore by quite half compared to the previous year. Since then, the company has also cut its staff and restructured the organisation to make it more streamlined.