Bansal, who announced his resignation from the country's second largest software services firm in October this year, will join the SoftBank-backed Ola in January 2016.

According to a report by research and information company Ken Research, the car rental market in India will exceed Rs 800 billion by 2019.

As per the MoU, Ola will enable technology to bring support to over 50,000 vehicles in the state within the next three years to ensure smart, reliable and safe transportation in the cities.

Under the programme, drivers can lease a car for a minimal initial deposit of Rs 35,000 and monthly lease payment (of about Rs 15,000) with an option to own the vehicle after a period of three years.

\"We have introduced a technology that will help distinguish CNG and diesel vehicles on its app, which will help us keep track of the drivers' compliance with the cleaner fuel norms in Delhi,\" Ola said.

Business Today readers feedback to magazine's coverage

Ola and Uber are burning cash and they have no immediate plans to turn profitable either. They are chasing market share.

Both are using their war chest to offer incentives to drivers and discounted fares to riders. Traditional radio cabs and small-time operators are struggling to match up.

The Arvind Kejriwal government has also decided to move court against app-based taxi aggregators if they do not follow its directives.

KK Tiwari, the Swabhiman Taxi Union President says they are not against competition but 'illegal' taxi aggregators who don't have the relevant permit to operate.

The association which represents radio taxis like Mega Cabs, Easy Cabs and Meru Cabs etc., sought direction that websites of non-licensed app-based cabs like Uber, Ola, Taxi for Sure and others be blocked.

The San Francisco-based company has grown rapidly in value to be worth around $40 billion. But in India it has lagged local rival Ola, which has about 80 per cent of the organised cab market.

A company filing shows investors include billionaire Russian Yuri Milner's DST Global.

The Mumbai-based firm, which has presence in over 20 cities currently with a fleet of over 15,000 cars, is looking to expand its operations to over 40 cities by the end of this year.

What defines a community that has given India its biggest entrepreneurs? Rokda finds out.

The first phase of placements, which ended on Saturday, witnessed a growth of around 10 per cent with 1,100-plus jobs offered and 1050-plus students placed.

Uber differs from the average cab service in many ways. You cannot phone for a cab, but you have to use Uber's app.  Also, you cannot pay cash; it has to be by credit card. The app is available for free download on iPhones and Android based mobile devices, after which you sign up with a credit card.

\"The idea is that customers should make the payment in a shorter time than it takes to remove money from the wallet,\" says Citrus Chairman Satyen Kothari, who founded the company along with Jitendra Gupta in April 2011 and brought in the initial funding of Rs 16 lakh.

Thanks to the Internet and the digital revolution in the past few years, everybody from government institutions to companies and marketing agencies has jumped aboard the bandwagon to \"source\" ideas from the \"crowd\".

While advocates say the UID project is one of the best ways to solve India's problem of delivering governance to 1.2 billion people, critics say it is too ambitious and high-tech for a country where nearly 40 per cent of the population is still officially defined as poor.