Ola too has announced its expansion into London, a market also occupied by Estonia’s Bolt and the city’s ubiquitous black cabs. This is the first time the Indian government is looking to regulate commissions collected by such firms, which currently stand at about 20%, the paper reported here. Uber and Ola did not immediately respond to Reuters requests for comment. The two companies, which count Japanese investment major SoftBank Group Corp (9984.T) as one of their backers, dominate the Indian app-based taxi market and were even partly blamed for slowing auto sales in the country by its finance minister. The government’s planned move would allow states to levy charges on these aggregators’ earnings if they choose to, ET reported, adding that there were also plans to cap surge pricing to twice the base fare.

Source: bd News24 November 28, 2019 04:30 UTC