Ola

Ola

Ola Logo
Trade name	Ola Consumer
Company type	Private
Industry	Transportation, Fintech, Food delivery
Founded	December 3, 2010 (2010-12-03)
Founder	Bhavish Aggarwal Ankit Bhati
Headquarters	Bangalore, Karnataka, India
Area served	India
Key people	Bhavish Aggarwal (CEO)
Products	Ride-hailing Auto-rickshaw booking Bike taxis Food delivery Financial services
Services	Cab booking Outstation travel Car rentals Cloud kitchens Micro-insurance
Revenue	₹2,535 crore (US$304 million) (FY23)
Net income	₹-772 crore (US$-93 million) (FY23)
Number of employees	6,000 (2024)
Subsidiaries	Ola Fleet Technologies Ola Financial Services Ola Foods Ola Electric (6% stake)
Website	www.olacabs.com

Ola Consumer, formerly known as Ola Cabs, is an Indian ride-hailing company headquartered in Bengaluru, Karnataka. Founded in 2010 by Bhavish Aggarwal and Ankit Bhati, it operates as a technology-driven mobility platform, connecting customers with driver-partners across 250+ cities in India. The company offers a range of services, including cabs, auto-rickshaws, bikes, and electric mobility through its subsidiary, Ola Electric. Ola's platform facilitates seamless bookings via its mobile app and website, integrating features like real-time tracking, digital payments, and subscription-based services. With a network of over 2.5 million driver-partners, Ola holds a significant market share in India's ride-hailing industry. The company has diversified into financial services, food delivery, and cloud kitchens, aiming to build an integrated mobility ecosystem.

Founders & Leadership

• Bhavish Aggarwal (Co-Founder and CEO): A graduate of IIT Bombay with a degree in Computer Science and Engineering, Aggarwal founded Ola after a challenging cab rental experience. Before Ola, he worked at Microsoft Research for two years, filing two patents and publishing three academic papers. He leads Ola's strategic vision and expansion into electric mobility and financial services.
• Ankit Bhati (Co-Founder): Also an IIT Bombay alumnus with a degree in Mechanical Engineering, Bhati co-founded Ola with Aggarwal. He played a key role in developing Ola's technology platform and operational framework before transitioning to advisory roles. Bhati has also co-founded other ventures like EventEdge.

Origin & Founding Story

Bhavish Aggarwal and Ankit Bhati, the founders of Ola Consumer

Ola was founded in December 2010 by Bhavish Aggarwal and Ankit Bhati, two IIT Bombay graduates, in Mumbai, India. Initially launched as Olatrip.com, a trip-planning platform, the duo pivoted to ride-hailing after Aggarwal faced an unreliable cab experience during a trip from Bangalore to Bandipur. Recognizing the potential to streamline transportation using technology, they launched Ola Cabs in January 2011 as a taxi aggregation service, initially offering bookings via phone calls. The introduction of a mobile app in June 2012 marked a significant shift, enabling seamless ride-hailing services. Ola's focus on affordability, accessibility, and technology-driven solutions helped it gain traction, expanding to over 100 cities by 2015.

Timeline

Year	Milestone
2010	Ola founded as Olatrip.com by Bhavish Aggarwal and Ankit Bhati in Mumbai.
2011	Launched Ola Cabs, a taxi aggregation service; raised $500,000 from angel investors.
2012	Introduced mobile app for ride-hailing services.
2014	Expanded to auto-rickshaw services in Bengaluru; reached 100+ cities.
2015	Acquired TaxiForSure for ₹1,237 crore; became app-only service.
2017	Acquired Foodpanda India to enter food delivery.
2018	Expanded to Australia, New Zealand, and the UK; acquired Ridlr.
2019	Reported first operating profit of ₹90 crore.
2021	Launched Ola Electric’s S1 Series electric scooters.
2024	Exited international markets to focus on India; rebranded to Ola Consumer.

Funding

Ola has raised over US$3.8 billion across 15 funding rounds. Below is a table of its major funding rounds:

Year	Date	Amount (US$)	Investors	Valuation (US$)
2012	April	5 million	Tiger Global Management	-
2013	November	20 million	Sequoia Capital	-
2014	October	210 million	SoftBank Group	1 billion
2015	April	400 million	DST Global, GIC	2.5 billion
2015	November	500 million	Baillie Gifford, Falcon Edge Capital	5 billion
2017	October	1.1 billion	Tencent, SoftBank Group	7 billion
2019	January	56 million	Tiger Global, Matrix India (Ola Electric)	-
2019	April	300 million	Hyundai Motor Company, Kia Corporation	6.5 billion
2021	July	500 million	Temasek Holdings, Warburg Pincus	7.3 billion

Business Model

Ola operates a two-sided platform model, connecting customers seeking transportation with driver-partners through its mobile app and website. The company generates revenue primarily through commissions (15–20%) on each ride, calculated based on base fare, distance, ride time, and dynamic pricing during peak hours. Additional revenue streams include cab leasing fees, subscription-based services like Ola Select, in-cab advertisements, and corporate partnerships. Ola Money, a digital wallet, facilitates cashless payments and earns transaction fees. The company targets diverse customer segments, including daily commuters, business travelers, and corporates, offering services like cabs, auto-rickshaws, bikes, and outstation rentals.

Products / Services

• Ride-Hailing: Includes cabs (Mini, Prime, Sedan), auto-rickshaws, and bikes, bookable via the Ola app.
• Ola Electric: Manufactures and sells electric scooters (S1 Series) and operates a Battery-as-a-Service model.
• Ola Money: A digital wallet for cashless payments across Ola services and partner vendors.
• Ola Foods: Operates cloud kitchens, including the Khichdi Experiment, in six cities.
• Ola Select: A subscription-based service offering premium ride benefits.
• Ola Corporate: Provides transportation solutions for corporate employees.

Growth & Metrics

As of 2023, Ola has 150 million active users globally and operates in over 250 cities in India, serving over 1 billion rides annually. The company reported a revenue of ₹2,200 crore in FY2024 and a profit of ₹90 crore in FY2021. Ola employs 8,000 staff and has a network of over 2.5 million driver-partners. Its valuation reached $2 billion in November 2024, down from a peak of $7.3 billion in 2021.

Legal Entity Information

Attribute	Details
Company Name	ANI Technologies Private Limited
Incorporation Date	December 3, 2010
Registered Location	Bangalore, Karnataka, India
Corporate Identification Number (CIN)	U72900KA2010PTC056026
GST Number	29AAHCA4636B1Z8
Authorized Share Capital	₹1.5 crore
Paid-up Capital	₹1.2 crore
Number of Employees	6,000 (as of 2024)
Registered Address	4th Floor, Torrey Pines, Embassy Golf Links Business Park, Challaghatta, Bengaluru, Karnataka, India – 560071
Directors	Bhavish Aggarwal, Ankit Bhati
Subsidiaries	Ola Fleet Technologies, Ola Financial Services, Ola Foods

Acquisitions and Investments

• Acquisitions:
  • TaxiForSure (March 2015, ₹1,237 crore)
  • Geotagg (November 2015, undisclosed)
  • Foodpanda India (December 2017, undisclosed)
  • Ridlr (April 2018, undisclosed)
  • Avail Finance (2022, undisclosed)
  • GeoSpoc (2022, undisclosed)
• Investments:
  • Vogo (August 2018, $100 million)

Media & Public Recognition

Ola has been featured in over 82 media events in the past year, with 44 focused on company updates. Bhavish Aggarwal was named in Fortune India's 40 Under 40 list in 2019. The company received the "Startup of the Year" award at the Economic Times Startup Awards in 2016. Ola's shift to Ola Maps from Google Maps in 2024 garnered significant attention.

FAQs

What is Ola Consumer?

Ola Consumer, formerly Ola Cabs, is an Indian ride-hailing platform offering transportation services like cabs, auto-rickshaws, and bikes, alongside electric mobility, financial services, and food delivery.

Who founded Ola?

Ola was founded by Bhavish Aggarwal and Ankit Bhati in December 2010.

What is Ola's primary revenue source?

Ola primarily earns revenue through commissions (15–20%) on rides booked via its platform.

Does Ola operate internationally?

Ola exited international markets (Australia, New Zealand, UK) in April 2024 to focus on India.

External Links

• Official Website
• LinkedIn
• Twitter
• Facebook

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