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| Ola Cars |
OLA is a startup as we all know. OlaCabs is an online cab booking service based out of Mumbai and one of the fastest growing cab hailing firms in India.Ola Cabs provides customers with an array of cab options like Mini, Prime and Luxury and with Different modes of payment. Ola expanded from 10 cities to 100 cities by 2015 in a year; booking an average of 150,000 booking per day, commanding 60% of the market share in India
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| Founders of OLA Bhavish(Left) and Ankit (Right) |
it was the time when the startup was working really well the Ola introduced a new feature which allowed the rider to opt for autos for their travel. the booking prices is same as that of the cabs. while payments were to be done in cash and the charges would be by the meter with an additional Rs. 10 as convenience fee. this was a pilot program which had been launched only in Bangalore.
later in a $200 million deal, OlaCabs acquired "Taxi For Sure" in a cash and equity arrangement. this acquisition added at least 15,000 vehicles to Ola's already staggering fleet of 100,000 vehicles . after the merger, Taxi For Sure and Ola continued to function as separate entities. this move was seen as giving tough competition to bigger players such as Meru Cabs and Uber. not only this Ola also launched its food delivering option " Ola Cafe" that promised to deliver the customer's order with in 20 minutes. the service was launched in 4 cities ,Mumbai, Delhi, Hyderabad and Bangalore but the service was available only for selected locations. the "Cafe" feature is present on Ola app and offer a pre-set menu for Lunch, snacks and dinner available from 12 PM to 11 PM.
in its E series funding the startup got $ 400 million funding, led by DST Global along with GIC, Falcon Edge Capital, and others. at $ 100 million of its funding has been earmarked towards growth and expansion of its recently acquired Taxi For Sure. This investment will help Ola expand deeper into Smaller cities and in 200 cities by end of year 2015. Ola expanded from 10 cities to 100 cities by 2015 in a year; booking an average of 150,000 booking per day, commanding 60% of the market share in India
Then there was a bad phase for this startup when The Delhi government banned taxi Services such as OlaCabs and Uber, after Uber's Driver allegedly raped a women. government said these taxi firms did not possess radio taxi license and were operating without permission. following the orders, the Department of Telecommunications had been asked to block the websites of these alleged taxi services. How ever the issue is still unresolved and they continue to operate.
marking his 10th investment the year, Ratan Tata has now invested in the taxi booking service OlaCbas. Tata has taken stakes in his individual capacity and the knitty gritty of the deal has not yet been disclosed. Ola Cabs is thrilled to be associated with Tata, whose mentor ship and validation has made a name of its own in the business world.
Ola has raised $500 Million in funding and is now valued at $5 billion. Ola said that it has sealed its series F funding round with investment from Didi Kuaidi, China's largest cab services and existing Tiger Global, Softbank and DST Global as well. Ola declared a 30 fold growth in the past year with almost a million booking requests every day.
on 4th December four of the world's largest taxi aggregators, Ola(India), Lyft (USA), Grab Taxi (Malaysia) and Didi Kuaidi (China) are to launch a common app for their users. This will allow the users to use the other services when in their respective regions. the alliance, now expanded was originally made in September between Didi Kuaidi and Lyft as a move to counter Uber's growing global influence
P.S: 90% of all the startups usually fails.
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