The Ola Story: How a Ride-Hailing Startup Became a Multi-Billion Dollar Conglomerate
Ola is an Indian ride-hailing company that offers cab and auto-rickshaw booking services in more than 250 cities across India, Australia, New Zealand, and the United Kingdom. The company was founded in 2010 and has since expanded to offer various other transportation services, including shared rides, bike taxis, electric vehicles, and even a digital payment platform. Ola is currently valued at over $6 billion and is one of the biggest players in the ride-hailing industry in India.
OLA - Company Highlights
| Startup Name | Ola |
|---|---|
| Headquarter | Bangalore |
| Founders/Owners | Bhavish Aggarwal and Ankit Bhati |
| Sector | Transportation |
| Founded | December 2010 |
| Revenue | Rs 983.2 crores ($131.83 million) FY21 |
| Total Funding | $5 billion+ (February 2022) |
| Valuation | $7.3 billion+ (December 2021) |
| Parent Company | ANI technologies Pvt. Ltd. |
| Website | olacabs.com |
Highlights
Ola – About Ola and How it Works
Ola – Industry Details
Ola – Founders and Team
Ola – Startup Story | How was Ola Started?
Ola – Name, Full Form, Tagline, and Logo
Ola – Business Model and Revenue Model
Ola – User Acquisition
Ola – Funding, Investors and Valuation
Ola – Growth and Revenue
Ola – Startup Challenges
Ola – Competitors
Ola – Partnerships
Ola – Acquisitions and Merger
Ola – Future Plans
Ola - About Ola and How it Works
Ola is a cab booking service that has simplified the process of booking a cab. They offer various features to ensure a smooth ride, including easy payment options and in-car entertainment through ‘Ola Play’. Ola now also operates self-drive cars, providing users with more flexibility. They offer a wide range of cars to choose from, catering to different budgets, group sizes, and preferences. In addition to traditional cab services, Ola provides options for shared taxis, autos, bikes, and e-rickshaws for traveling within the city.
For those traveling outside the city, Ola offers ‘Ola outstation’, which allows users to book cabs for long-distance journeys, and ‘Ola rentals’, which enables hourly cab rentals. Ola has introduced ‘Ola select’, a subscription-based membership program that offers premium benefits for rides. They have also launched ‘Ola pedal’, a bicycle-sharing service that has gained popularity on IIT campuses.
In 2016, Ola introduced ‘Ola corporate’, a service that allows employees to book rides using their company’s Ola corporate prepaid account. This helps companies track travel expenses and ensure the safety of their employees.
Ola has also ventured into financial services with ‘Ola money’. They offer products such as Ola money credit card, Ola money postpaid, Ola money mobile wallet, and Ola money hospicash. Ola hospicash, in collaboration with Religare health insurance, provides hospitalization benefits. Ola has invested a significant amount in its subsidiary, Ola Financial Services (OFS).
One of Ola’s notable achievements is its electric vehicle project, Ola Electric. They launched India’s first multimodal electric vehicle project in Nagpur in 2017, with the support of industry experts and the Indian government. Ola Electric Mobility Pvt. Ltd. became a unicorn company with a $250 million investment from SoftBank. Ola Electric scooters, which received overwhelming response during the pre-booking phase, were made available for purchase in 2021, generating significant sales.
Furthermore, Ola has plans to launch its first electric car within the next 2-3 years. Ola CEO Bhavish Aggarwal has expressed the company’s ambition to create the sportiest car ever built in India, with some concept designs already in progress. This electric car will be produced in a separate factory from Ola’s existing two-wheeler factory called Futurefactory.
Ola - Industry Details
India’s taxi-hailing market is a significant industry, with a valuation of over $40 billion. It is projected to experience a compound annual growth rate (CAGR) of 6.3% between 2022 and 2024. This growth can be attributed to several factors, including the evolving lifestyles of travelers and the rising disposable incomes of consumers, particularly in Tier-I and Tier-II cities. As people’s lifestyles change and incomes increase, the demand for convenient and reliable transportation services like taxi-hailing is expected to rise. This presents opportunities for companies operating in the market to expand their services and cater to the growing needs of consumers in different cities across India.
Ola - Founders and Team
Ola was founded in 2010 by Bhavish Aggarwal and Ankit Bhati. Bhavish Aggarwal, an IIT Bombay graduate, had previously worked at Microsoft Research before pursuing his entrepreneurial dream. Ankit Bhati, an IIT Bombay graduate as well, joined Ola to head the technical aspects of the company.
Bhavish Aggarwal is the co-founder and CEO of Ola. He is known for his active presence on social media, particularly on Twitter, where he often shares his thoughts and opinions. Bhavish Aggarwal has been instrumental in the growth and success of Ola, and his leadership has played a significant role in shaping the company’s direction.
Ankit Bhati is the co-founder and CTO of Ola. He oversees the technical aspects of Ola’s operations, ensuring a seamless and convenient experience for customers and partners. Ankit’s expertise in technology and his focus on improving user experience have contributed to Ola’s technological advancements.
Over the years, Ola has seen changes in its leadership team. In October 2021, Ola’s CFO Swayam Saurabh and COO Gaurav Porwal left the company ahead of its IPO. Arun Sirdeshmukh, the CEO of Ola Cars, also resigned within a year of his appointment. These changes reflect the dynamic nature of the company and its efforts to adapt to evolving market conditions.
The initial team of Ola consisted of individuals who played key roles in developing the app and its features. Usha Loutongbam and Bhavish Aggarwal worked on the design and vision of the product. Developers such as Ajinkya Potdar, Khushal Bokadey, Atul Manwar, Ankit Kumar, and Neeti Birla were involved in building the Android and iOS versions of the app, as well as the backend APIs. Their efforts focused on enhancing the app’s features and improving the user experience while maintaining the simplicity of one-touch cab booking.
Ola - Startup Story | How was Ola Started?
Ola’s journey began on December 3, 2010, with an intriguing backstory. Bhavish Aggarwal, the founder of Ola, hailing from Ludhiana, had a passion for entrepreneurship. Initially, he started an online venture called Olatrip.com, offering holiday packages and weekend getaways.
However, a pivotal moment occurred when Bhavish had a terrible experience while renting a car for a trip from Bangalore to Bandipur. The driver halted the journey midway, demanding a renegotiation of the fare. When Bhavish refused, the driver abandoned him en route.
This incident made Bhavish realize the widespread struggle customers faced while searching for reliable cab services. Recognizing the immense potential for an exceptional cab booking platform, he transformed Olatrip.com into the renowned Ola Cabs that we know today.
To propel Ola Cabs forward, Bhavish brought on board Ankit Bhati as his co-founder. Initially, Bhavish’s parents were skeptical of his startup plans, disapproving of his choice to become a “travel agent.” However, their perspective shifted when Ola received its first round of angel investment from notable figures such as Kunal Bahl (founder of Snapdeal), Rehan yar Khan, and Anupam Mittal.
Bhavish firmly believes that having a sound business idea is not enough; successful implementation requires a scalable model to drive the enterprise. In his view, one of the best and safest approaches is to run a business without the burden of owning physical inventory. This mindset has shaped Ola’s strategy and contributed to its remarkable growth and success.
Ola - Name, Full Form, Tagline, and Logo
If you believe that Ola is some sort of abbreviation or short form, you are wrong. The name is derived from the Spanish word ‘Hola’ that translates to ‘Hello’.
Ola - Business Model and Revenue Model
Ola operates on a straightforward business model as a facilitator for cab-booking services. Through the Ola app, customers can easily book their desired cabs. It’s important to note that Ola does not own any of the cabs themselves. Instead, they collaborate with drivers who have valid permits authorized and verified by transport authorities. These drivers can be either self-employed or affiliated with car operators.
Once registered with Ola, drivers gain access to a driver-specific mobile app on their smartphones. However, before this access is granted, Ola conducts a thorough authentication process and diligently verifies the commercial and personal documents of both the driver and the operator. This ensures the safety and reliability of the drivers and vehicles on the platform. Drivers have the freedom to log in to the Ola app and accept ride requests from customers based on their own schedule and convenience. They can choose to remain offline whenever they prefer. Ola charges an average commission of 15% on all bookings made through the app.
When creating the final bill for users, Ola takes various factors into consideration, including:
- Base Fare: This is a flat fee charged for every ride.
- Distance Fare: The fare is calculated based on the distance traveled, and the rates may vary across different cities.
- Ride Time Fare: The fare also takes into account the time taken for the journey.
- Peak Pricing: During periods of high demand, Ola may apply peak pricing, which is a direct ratio increase in fares.
- Service Tax: A 5.6% service tax is added to the final bill.
- Swachh Bharat Tax: An additional 0.2% tax, known as Swachh Bharat Tax, is included.
- Toll Charges: If the journey involves crossing toll junctions, the toll charges are collected from the user.
By considering these factors, Ola ensures transparency and provides customers with a clear breakdown of the fare components in their ride bills.
Ola - User Acquisition
Ola has expanded its services beyond India and entered three international markets: Australia, the United Kingdom, and New Zealand. In Australia, Ola has established operations in seven cities, making its presence known in the country. It has successfully onboarded approximately 40,000 drivers onto its app in Australia, enabling them to provide efficient transportation services to customers.
In its home country, India, Ola’s reach extends to more than 250 cities, solidifying its position as a prominent player in the domestic market. With its widespread network, Ola continues to offer reliable and convenient transportation options to users across various cities in India.
Ola - Funding, Investors and Valuation
Here is a formatted table displaying the funding rounds and investors for Ola:
| Date | Stage | Amount | Investors/Shareholders |
|---|---|---|---|
| February 22, 2022 | Series J | $20.11 million | Arrow Capital, Axis Growth Avenues, and more |
| December 16, 2021 | TLB Round | $500 million | – |
| December 8, 2021 | Series J | $139 million | Edelweiss and others |
| July 9, 2021 | Pre-IPO Round | $500 million | Temasek, Warburg Pincus’s Plum Wood, and Bhavish Aggarwal |
| September 2019 | Series J | $5.1 million | ARK Ola Pre IPO Private Investment Trust |
| July 2019 | Series J | $11.4 million | Deshe Holdings, DIG Investment |
| March 2019 | Corporate Round | $300 million | Hyundai Motor Co. & Kia Motors Corp |
| February 2019 | Series J | $92 million | Sachin Bansal |
| February 2019 | Series J | $14 million | – |
| January 2019 | Series J | $88 million | Steadview Capital |
| January 2019 | Corporate Round | $1.8 million | Eternal Yield International |
| September 2018 | Series I | $50 million | China Eurasian Economic Cooperation Fund, Sailing Capital |
| August 2018 | Secondary Market | $225 million | Temasek Holdings |
| October 2017 | Series G | $1.1 billion | Tencent Holdings and SoftBank Group |
| August 2017 | Private Equity | $36 million | Tekne Capital |
| May 2017 | Private Equity | $104 million | RNT Capital Advisors and Falcon Edge Capital |
| April 2017 | Series G | $260 million | SoftBank Capital |
| February 2017 | – | $330 million | SoftBank |
| November 2015 | Series F | $500 million | Baillie Gifford, Falcon Edge Capital, Tiger Global, SoftBank Group, and DST Global |
| April 2015 | Series E | $403 million | DST Global, GIC, SoftBank, and Falcon Edge Capital |
| October 2014 | Series D | $210 million | SoftBank Group, Tiger Global, and Matrix Partners India |
| July 2014 | Series C | $41 million | Steadview Capital and Sequoia Capital |
| November 2013 | Series B | $20 million | Matrix Partners, Tiger Global Management |
| April 2012 | Series A | $5 million | Tiger Global Management |
| April 2011 | Angel | $330K | Kunal Bahl, Anupam Mittal, Rehan yar Khan |
Note: The information provided is accurate as of the latest available data, with the last funding round mentioned on December 8, 2021.
Ola - Growth and Revenue
In 2010, Ola’s founders, Bhavish Aggarwal and Ankit Bhati, noticed a significant gap in the taxi industry in Mumbai, India. Taxis were often idle, leading to high charges regardless of the distance traveled, and poor service quality and delays were common. In 2011, Ola started with just 10 bookings per day, but by October 2015, they were booking 700,000 daily rides.
In their early days, Ola considered piloting tracking devices in each cab but abandoned the idea in January 2012. However, they expanded their operations to Bangalore and Delhi in April 2012, marking their entry into new cities.
Over the years, Ola has grown to become an integral part of people’s everyday lives in many cities. In addition to offering ride-hailing services, Ola launched its first electric scooters under Ola Electric in October 2021. They also ventured into the used car retailing business with “Ola Cars,” providing services like vehicle purchase, finance, insurance, registration, and maintenance.
Like many ride-hailing companies, Ola faced challenges during the COVID-19 pandemic. However, they experienced a faster recovery from the second wave of COVID-19 compared to the first wave. Ola’s CEO, Bhavish Aggarwal, announced that they had seen 10 million users using the app for the first time in FY21. Ola Autos, their auto-rickshaw service, also saw a 150% rise in popularity.
To address one of the common customer concerns about ride cancellations, Ola introduced a new feature in December 2021. This feature allows drivers to see the approximate drop location and payment mode before accepting a ride, reducing cancellations and improving the overall experience.
Ola expanded its services beyond India and entered the ride-hailing market in London, UK, in February 2020. They have more than 25,000 registered drivers on their platform in London and have plans to enter new cities and build new products to meet the post-COVID mobility demands.
In terms of financials, Ola recorded significant losses of Rs 17,453 crores during the fiscal year that ended in March 2021. However, the company’s CEO dismissed reports of a potential merger with Uber, stating that Ola is profitable and has a strong balance sheet. The operational revenue of Ola suffered a decline in FY21, primarily driven by the impact of the pandemic.
Ola also ventured into the grocery delivery segment with the launch of Ola Store, which was later renamed Ola Dash. However, the Ola Dash business was eventually suspended by Ola in June 2022.
Despite the challenges, Ola remains a significant player in the ride-hailing industry, completing over 1 billion rides each year, operating in more than 250 cities, and employing over 7,000 people.
Ola - Startup Challenges
Founders’ Challenges and Initial Success
Bhavish Aggarwal and Ankit Bhati’s Determination
- Bhavish Aggarwal and Ankit Bhati, the founders of Ola, faced numerous challenges in the early stages of their venture.
- They worked long hours, with Ankit even coding for 48 hours straight at times.
- There were instances when they had to personally drive customers to their destinations because the drivers didn’t show up.
- Despite these obstacles, they remained resilient and dedicated to their work.
- Their hard work paid off as people began to appreciate and enjoy Ola’s services.
Angel Investors’ Support
Investment from Rohit Bansal and Kunal Bahl
- Ola received a significant boost when angel investors Rohit Bansal and Kunal Bahl invested Rs 2 crores in the business.
- This investment provided Ola with the initial push it needed to succeed.
- From that point onward, Ola experienced continuous growth and progress.
Challenges of Scaling and Infrastructure
Meeting the Needs of Different Cities
- Ola aimed to expand its services to meet the needs of customers in various cities.
- However, each city presented its unique infrastructural challenges.
- The Ola app had to be designed to accommodate the use of 2G networks, especially in smaller towns with limited connectivity.
RBI Penalty for Ola Financial Services
Penalty Imposed by the RBI
- Ola Financial Services, a subsidiary of Ola, was penalized Rs 1.68 crore by the Reserve Bank of India (RBI).
- The penalty was imposed because Ola failed to comply with the RBI norms related to prepaid payment instruments (PPIs) and know your customer (KYC) policies.
- The RBI stated that Ola had not followed specific provisions outlined in the Master Directions on PPIs and the KYC Direction.
- The penalty was imposed under the powers vested in the RBI by the Payment and Settlement Systems Act, 2007.
- The RBI had previously issued a show cause notice to Ola regarding the breach of KYC norms, but Ola did not provide a satisfactory response.
Ola Layoffs
Cost-Cutting Measures and Layoffs
- Ola sought to reduce expenses and initiated layoffs, affecting approximately 400-500 employees.
- Reports indicated that up to 1000 Ola employees might be affected by these layoffs.
- Key managers within Ola were tasked with preparing a list of employees for potential layoff.
- Ola had already ceased investments in international markets like the UK, New Zealand, and Australia.
- Subsidiaries such as Ola Dash and Ola Cars, which were financially burdensome, were shut down.
- Ola deferred performance appraisals and terminated employees as part of its cost-cutting measures.
- However, Ola also increased hiring for its electric vehicle (EV) business, intending to manufacture electric cars and Li-ion batteries.
Unfair Trade Practices and Violation of Consumer Rights
Legal Notices for Ola and Uber
- Ola and Uber, the cab aggregators, received legal notices from the Central Consumer Protection Authority (CCPA) for unfair trade practices and violation of consumer rights.
- The Indian government had previously warned both companies to improve their systems and address rising complaints.
- The CCPA provided a 15-day period for Ola and Uber to rectify the issues.
Resignations at Ola
High-Level Resignations and Cultural Issues
- Ola experienced numerous resignations, particularly following fire accidents and preparations for going public in 2022.
- Resignations included COO Gaurav Porwal, CTO Swayam Saurabh, General Counsel Sandeep Chowdhury, HR head Rohit Munjal, co-founders of Ola Electric Ankit Jain and Anand Shah, and CTO of Ola Electric Dinesh Radhakrishnan.
- CEO of Ola Cars, Arun Sirdeshmukh, and Head of Talent Acquisition, Shikharr Sood, also left the company.
- The culture of “act fast, think later” was cited as a dominant factor contributing to the high-level resignations.
Ola Shutdowns
Failed Ventures and Business Closures
- Ola has faced multiple shutdowns, particularly in the food delivery segment, due to failed pivots.
- Ola shut down Ola Cafes and Ola Stores in 2016, followed by the suspension of Foodpanda’s operations in 2019.
- Ola made attempts to pivot with food brands like Khichdi Experiment and The Biryani Experiment.
- The company acquired Freshmenu but the deal did not materialize.
- Ola recently announced the shutdown of its used cars and quick commerce businesses, Ola Cars and Ola Dash, to focus on EV and mobility services.
Failed Ventures in Food Delivery
- Ola’s food delivery ventures, including Ola Foods and Foodpanda, faced challenges and eventually shut down in 2022.
- Ola’s descaling in the food business marked the third attempt to exit the segment.
- The company faced difficulties in competing with other food delivery players and achieving profitability.
Ongoing Layoffs
Layoffs in the Quick Commerce Wing
- Ola conducted a significant layoff in its quick commerce wing, Ola Dash, with reports suggesting around 2100 employees were affected.
- The layoffs at Ola Dash were potentially the largest seen in 2022, although the exact number remains unconfirmed.
These are the key points and developments in the Ola story, including the challenges faced by its founders, the support from angel investors, infrastructural challenges during scaling, penalties imposed by the RBI, layoffs, legal notices, resignations, and failed ventures.
Ola - Competitors
Competition in the Ride-hailing Market in India
Ola, one of the leading ride-hailing companies in India, faces competition from various players in the market, including Uber, Meru Cabs, Carzonrent, Zoomcar, Rapido, and inDriver. Here’s an overview of these competitors:
Uber: Uber is a global ride-hailing company and Ola’s primary competitor. Uber has a strong presence in India and has raised substantial funding, making it one of the most well-financed startups worldwide.
Meru Cabs: Meru Cabs, owned by Meru Cabs Company Pvt. Ltd., is a popular taxi service in India. It operates in several cities and provides both offline and online booking options for customers.
Carzonrent: Carzonrent (India) Pvt. Ltd. offers car rental and taxi services in India. It caters to both corporate and individual customers and provides a range of options, including self-drive and chauffeur-driven cars.
Zoomcar: Zoomcar India Private Ltd. is a self-drive car rental service in India. It allows customers to rent cars on an hourly, daily, weekly, or monthly basis, providing flexibility and convenience.
Rapido: Rapido is a bike taxi service that competes directly with Ola’s bike taxi segment. It offers affordable and quick transportation options using motorcycles. Rapido has been gradually capturing market share in this segment.
inDriver: inDriver is an international ride-hailing app founded in Russia and headquartered in California, USA. It has gained popularity in India and provides competition to Ola with its unique features and offerings.
These companies compete for market share in India’s ride-hailing industry, each bringing its own strengths and services to attract customers. The competition fosters innovation and offers customers a variety of options for their transportation needs.
Ola - Partnerships
Ola’s Partnership with Siemens for Electric Vehicle Manufacturing Facility
Ola, the cab aggregating giant, has forged a significant partnership with Siemens to build its upcoming electric vehicle (EV) manufacturing facility in India. The collaboration aims to create India’s most advanced manufacturing facility and strengthen Ola’s presence in the EV market. Here are the key highlights of this partnership:
Partnership Announcement: On January 20, 2021, Ola issued a press release stating that it had adopted Siemens’ Digital Enterprise to construct its state-of-the-art manufacturing facility. This partnership coincides with Ola’s Memorandum of Understanding (MoU) with the government of Tamil Nadu to invest approximately INR 2,400 crore in building this facility.
Factory Capacity and Job Creation: The manufacturing facility is projected to generate approximately 10,000 jobs and initially have a capacity of producing 2 million electric scooters annually. This will make it the largest scooter manufacturing facility globally. The factory will serve as Ola’s global manufacturing hub, catering not only to customers in India but also across Europe, the UK, Latin America, and ANZ (Australia and New Zealand).
Technological Advancements: Ola’s factory is set to be a cutting-edge and technologically advanced facility. It will feature around 5,000 robots deployed across various functions, operating on Industry 4.0 principles. The partnership with Siemens will provide Ola access to their integrated Digital Twin design and manufacturing solutions, enabling digitalization and validation of products and production before actual operations commence. Ola’s proprietary AI Engine and tech stack will be deeply integrated into the manufacturing process, ensuring enhanced control, automation, and quality.
Vision and Future Prospects: Bhavish Aggarwal, Chairman & Group CEO of Ola, expressed his enthusiasm for the partnership and emphasized that the facility will set new benchmarks in terms of quality, scale, and efficiency. He also highlighted the significance of this project in showcasing India’s capabilities to manufacture cutting-edge products on a global scale. Ola’s electric scooter has already garnered recognition and awards for its design and innovation, including the IHS Markit Innovation Award at CES and the German Design Award.
Siemens’ Expertise: Sunil Mathur, MD & CEO of Siemens India, expressed pride in contributing to Ola’s vision by leveraging Siemens’ expertise in Industry 4.0, automation, and digitalization. Siemens aims to ensure high levels of productivity and quality while enabling an agile and flexible production process for Ola’s manufacturing facility.
Through this partnership with Siemens, Ola intends to establish itself as a prominent player in the EV market, demonstrating its commitment to sustainable transportation and technological advancements. The upcoming manufacturing facility is expected to revolutionize the production of electric scooters and further Ola’s mission of providing customers with innovative and high-quality products.
Ola - Acquisitions and Merger
Here is a list of prominent acquisitions made by Ola:
Avail Finance (March 24, 2022) – Ola acquired Avail Finance, a financial services startup for the blue-collar workforce. The acquisition was completed through a share swap deal worth $50 million.
GeoSpoc (October 5, 2021) – Ola acquired GeoSpoc, a Pune-based geospatial service provider, to enhance its location and geospatial technologies. The exact amount of the acquisition was undisclosed.
Pikup.ai (August 13, 2019) – Ola acquired Pikup.ai, an artificial intelligence startup focused on autonomous technologies. The financial details of the acquisition were not disclosed.
Ridlr (April 3, 2018) – Ola acquired Ridlr, a public transportation app that provides real-time information and ticketing solutions. The financial details of the acquisition were not disclosed.
Foodpanda (December 19, 2017) – Ola acquired Foodpanda, a food delivery platform, for $31.7 million. The acquisition aimed to strengthen Ola’s food delivery service.
Qarth (March 21, 2016) – Ola acquired Qarth, a startup specializing in building mobile payments solutions. The financial details of the acquisition were not disclosed.
Geotagg (November 11, 2015) – Ola acquired Geotagg, a trip-planning and expense management tool for businesses. The financial details of the acquisition were not disclosed.
TaxiForSure (March 2, 2015) – Ola acquired TaxiForSure, a rival ride-hailing company, for $200 million. The acquisition aimed to strengthen Ola’s market position in the Indian ride-hailing industry.
In addition to these acquisitions, Ola has also implemented an Employee Stock Ownership Plan (ESOP) and provided ESOP encashment facilities for former and current executives. The company has allocated a significant amount for ESOPs and plans to have fresh stocks worth Rs 400 crore allocated for employees in the run-up to its initial public offering (IPO).
Ola - Future Plans
Ola’s initial plans to go public in the first quarter of 2022 were delayed, and the company is now expected to file its Draft Red Herring Prospectus (DRHP) for the IPO either towards the end of 2022 or the beginning of 2023. The exact timing of the IPO is subject to market conditions and regulatory approvals.
Meanwhile, Ola Electric, the electric vehicle manufacturing subsidiary of Ola, has been making significant progress. Ola Electric has been working towards establishing itself as a key player in the EV market. The subsidiary has set up an electric scooter manufacturing facility and has launched its own electric scooter model, the Ola S1.
However, Ola’s primary focus at the moment remains on its cab service and operations. The company continues to expand its ride-hailing services and improve its offerings to customers. The IPO is expected to provide Ola with additional funds to fuel its growth and expansion plans in both the cab service and electric vehicle segments.
FAQs
Sure, here are some frequently asked questions (FAQs) about Ola:
What services does Ola provide? Ola provides a range of services, including ride-hailing (cabs), food delivery, and electric vehicle solutions through its subsidiary Ola Electric.
How can I book a ride with Ola? You can book a ride with Ola by downloading the Ola mobile app on your smartphone. Open the app, enter your pickup and drop-off locations, choose the type of cab you prefer, and confirm your booking.
What cities does Ola operate in? Ola operates in several cities in India, as well as in some international locations. The availability of Ola services may vary by city.
What types of cabs are available on Ola? Ola offers various types of cabs to cater to different needs and budgets, including Micro, Mini, Prime, Sedan, SUV, and Ola Auto (auto-rickshaw) in certain cities.
How do I pay for my Ola ride? You can pay for your Ola ride using cash, Ola Money (in-app wallet), or digital payment methods such as credit/debit cards, UPI, or mobile wallets.
Can I schedule a ride in advance with Ola? Yes, Ola allows you to schedule a ride in advance through its “Ride Later” feature in the app. You can choose your desired pickup time and date, and Ola will allocate a driver accordingly.
Does Ola have customer support? Yes, Ola provides customer support through various channels, including in-app support, email, and helpline numbers. You can reach out to Ola’s customer support for any queries or assistance.
Does Ola offer discounts or promo codes? Ola often runs promotional campaigns and offers discounts or promo codes for its users. These promotions can vary and are typically communicated through the app, website, or other marketing channels.
Can I become a driver for Ola? Yes, you can become a driver for Ola by signing up as a driver partner on their website or through the Ola partner app. Ola has specific requirements and a registration process for driver partners.
Does Ola have a loyalty program? Yes, Ola has a loyalty program called “Ola Select” that offers benefits to frequent users, including priority booking, discounted fares, and exclusive offers from partner brands.
Please note that the information provided in these FAQs may be subject to change, and it’s always a good idea to refer to Ola’s official website or app for the most up-to-date information.
