Ola- changing the cab game
The Indian economy continues to be one among the topmost nations having grown at a steady pace for of last couple of decades and so is the game of cabs. Now you don’t seem to argue with the cab drivers to negotiate for a reasonable pay or experience the dark of drivers or waiting for hours to catch the cab- and all of this is possible because of the efforts of old IIT–B Grad Bhavish Aggarwal, now CEO of Ola cabs. Ola cabs has turned the whole travel scenario upside down. His app has comforted the customers to stay away from the extra frustration of booking a cab and as well as discarding the bad experiences one use to experience with the drivers. Ola is actually the byproduct of all the hardships we have experienced in past few decades.
How did OLA started?
The story started when he happened to rent a car from Bangalore to Bandipur and had a lasting bad experience. His driver started arguing with him over for extra pay in mid trip and eventually left him halfway. This was when Bhavish thought of making an app for all the people whose condition was also somehow similar to that of his. In 2010, his initial idea of building a tour and travel company transformed to what we know as Ola Cabs today. And soon Ankit Bhati joined him in his dream of building a cab booking app. In the starting just like any other Indian parents, Bhavish parents too didn’t liked his idea of becoming a travel agent but this didn’t let him down and when he finally bid his first funding- his parents started believing in him. Ola didn’t buy any car of their own but focused on collaborating with several taxi owners. They rented out several cars and made them accessible to the public. He added a touch of modern technology to the whole thing through which consumers could book cars at a short notice through the Ola app. The taxi aggregator efficiently bridges the gap between cab owners and the customers making the ride more easier. The company expanded to reach 50+ cities by 2015. The app was a huge success and soon they got more than 200,000 rides per day which translates to 6 million rides per month and that’s how the company grew at the rate of 40%. But this success ride was not as simple as it seems to be. In 2012, the duo faced the nightmare of their lifetime. They faced a major app failure when Ankit was in Bengaluru while Bhavish was in Mumbai. Ankit had to stay up all night at call with Bhavish to fix the issue. Both of them came out of the problem flawlessly. In 2015, the company also launched Ola Fleet, a cab lending arm, which operates as a subsidiary of ANI Technologies Pvt., Ltd. By September 2015, the company was valued at $5 billion. As of 2018, the company has expanded to a network of more than 1,000,000 vehicles across 169 cities. Ola extended into its first overseas market, Australia, and in New Zealand. They now have almost 4,000,000 cabs across the country, offering variety of car options – Mini, Prime, Luxury – which can be paid for through on of the different modes available. Apart from this the Ola has now introduced their services on auto rikshaw as well. Now we can also book an auto from the Ola Auto.
Ola has its two main competitions which is Uber and TaxiForSure, but still Ola is seems to be ruling the chart. Bhavish and Ankit’s hard work has paid off as the duo started with the scratch which we call as zero investment and today are the owner of almost US $430 million. The Ola story started just like any other startups but ended up quite differently. A plain idea made the struggle of many to end. OLA Cabs is a great innovation which made the plight of Bhavish back in 2010 and many similar others completely transform now in 2019.