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Indian ridesharing app Ola begins operations in Sydney
MUMBAI: Following a successful launch in Perth, Indian ridesharing platform Ola has announced the official launch of its operations in Sydney, and has hired a local team to build partnerships and support driver-partners.
Sydney riders can experience the new service at an introductory offer for free rides from today where customers can download the Ola app from the Android or Apple App store, register for an Ola account and begin booking rides. Rides can also be booked to and from Sydney Airport, for drop off and pick up in the designated ridesharing area.
Ola’s focus is on investing in driver-partners and supporting them with new technology, training, and ways to increase earnings. Since its launch in Perth, the service has received a strong response from driver-partners with over 7000 registrations. By enabling driver-partners to provide the best experience possible, customers, in turn, will have a high-quality ride at an affordable price.
Excited to officially start operating on the east coast with the launch in Sydney, Ola vice president, head of international Chandra Nath says the company is pleased with how the service has been received by customers, driver-partners and the community in Perth, and can’t wait to continue building on these experiences and learnings for their second city launch.
In the coming weeks, Ola will continue to roll out a number of new initiatives for both customers and driver-partners. For customers, the company will provide new promotions, clear ways to share feedback, and a higher-quality ride, while for driver-partners; Ola will introduce new earnings programs, community town-halls, fuel offers and other vehicle services.
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UK’s OnlyFans seeks US investor at $3bn valuation after owner’s death
The adult video platform is seeking stability after the death of its billionaire owner
LONDON: OnlyFans is looking for a new partner. The London-based adult video platform is in advanced talks to sell a minority stake of less than 20 per cent to Architect Capital, a San Francisco-based investment firm, in a deal that would value the business at more than $3bn (£2.2bn).
The move is driven by an urgent need for stability. Leonid Radvinsky, the Ukrainian-American billionaire who owned OnlyFans, died of cancer last month at the age of 43, leaving the future of one of Britain’s most profitable privately held businesses suddenly uncertain.
The choice of Architect Capital is not arbitrary. The firm has deep expertise in financial services, which aligns neatly with OnlyFans’ ambitions to offer banking products to its creators, many of whom have long struggled to access basic financial services because of the nature of their work.
The numbers behind OnlyFans are, by any measure, staggering. The platform posted revenues of $1.4bn in the year to 30th November 2024, with a pre-tax profit of $684m, up four per cent on the prior year. Payments to creators totalled $7.2bn over the same period, a rise of nearly ten per cent. Radvinsky personally collected $701m in dividends from the business in 2024 alone, on top of more than $1bn in such payments he had already received. The platform, run through its parent company Felix International, hosts 4.6m creator accounts, with performers keeping 80 per cent of subscription proceeds and the platform pocketing the remaining 20 per cent. It has 377m fan accounts in total.
The current minority stake talks represent a notable scaling back of ambitions. In January, OnlyFans was reported to be in discussions with Architect about selling a majority stake of 60 per cent. Before that, the company had explored a sale to a consortium led by Forest Road Company, a Los Angeles-based investment firm. Neither deal materialised.
OnlyFans has built an enormously lucrative business on content that mainstream finance has long refused to touch. Now, with its owner gone and a $3bn valuation on the table, it is looking for the kind of respectable institutional backing that might finally persuade the banks to take its calls.
