There is no need to introduce “Ola,” a company that is well-known to practically everyone. Several people’s issues have been resolved thanks to this firm. Some do not possess a vehicle or have one vehicle at home. Because travel is a part of daily life, India’s people formerly faced several challenges.

Certain people typically don’t want to utilise public transportation like buses or cars because of the crowds, safety concerns, and various other factors. Additionally, Ola Taxi is the finest alternative for travel if you do not live in a specific city.

Thus, the two IIT students who encountered this difficulty went over it in depth and ultimately found a solution by launching the Ola cab since it is the first cab established in India that has turned receiving satisfactory cab services into a glamorous experience.

It was established in 2010, and customers began to enjoy their services because of the affordable pricing.

With users in 100 Indian cities and 15 lakh driver partners, Ola is an indigenous ride-hailing service with a market share of over 60% (as of 2014).

Hence, in this blog, we’ll go into depth about how Ola Cab’s founders came up with their creative idea, the difficulties they experienced, the company’s history, its rivals, and much more.

Ola’s Cab’s Founders

The creator of Ola is Bhavish Aggarwal, while Ankit Bhati is a co-founder. In 2010, they established Ola in Mumbai. Bhavish earned a B.Tech in Computer Science from IIT Bombay in 2008. He also worked for Microsoft Research in Bangalore for two years. His net worth is Rs. 3135 crores, according to statistics from December 2019 that includes Ola Cabs’ earnings. His exact net worth is still a mystery.

Ankit Bhati, a co-founder, joined Bhavish in this initiative in November 2010. As Chief Technology Officer, he handles the technical aspects. He received his M. Tech. in CAD & Automation and his B. Tech. in Mechanical Engineering from IIT Bombay. They became India’s Youngest Billionaires at a very early age. They started their business when they were just 25 and 26 years old. Their innovative ideas and struggles are currently helping plenty of travellers.

OLA operated a network of 200,000 cars in 100 metropolitan areas nationwide by 2014. OLA is a dominant force in the Indian market, accepting more than 150,000 reservations each day. Ola’s success is largely down to Bhavish’s keen judgement.

How did the Concept of Ola Taxi come about?

The result of Bhavish Aggarwal’s frequent point of suffering is Ola Cabs. The driver left him alone as he was travelling from Bangalore to Bandipur. The reason is that he wasn’t prepared to renegotiate the driver’s already agreed-upon remuneration. This feeling of helplessness gave him cause to consider starting a useful and pleasurable taxi business. He and co-founder Ankit Bhati finally put the finishing touches on his concept in December 2010.

The word “Ola,” which means “Hello” in Spanish, inspired the name. So, the proprietors intend for this to imply that their services are simple and kind. Many individuals contributed to Bhavish and Ankit’s realisation of their ambitious idea.

Bhavish received assistance from Usha Loutongbam, the product manager, for the design and vision sections. This project was more productive because to the addition of two extra team members. Ajinkya Potdar and Kushal Bokadye were responsible for the initial Android and iOS versions. Check out these straightforward instructions to learn how to use the Ola app.

The Consolidation and Acquisition of Customers

OLA has also entered the UK, Australia, and New Zealand in its global commercial operations. Consequently, it has established tactics in seven cities in Australia. Also, it claims to have 41,000 drivers registered on its application there. OLA launched its ventures in the UK in March 2019 by introducing auto rickshaws.

Thus far, Ola cabs have acquired five new firms. It had previously acquired FoodPanda India. A trip planning software called Geotagg also launched other projects in June 2015. With around 65% of the Indian ride-hailing business, OLA is the most well-known app. By 2018, the company had grown to more than 10,000 automobiles spread throughout 168 urban locations and had 110 million USD in revenue.

Although Ola is an Indian firm, as is well known, it was funded by Chinese investors. As an illustration, consider Tencent Holdings, Steadview Capital, Eternal Yield International Ltd., and the China-Eurasian Economic Co-operation Fund, each of which has a roughly $500 million investment.

What Start-up Challenges Entail?

Every successful company and every successful individual overcame difficulties in the beginning, as is common knowledge. So, the same thing occurred in this instance.

The founders, Bhavish Aggarwal and Ankit Bhati, initially faced several challenges.

They worked long hours; Ola co-founder Ankit occasionally had to code nonstop for 48 hours.

Even occasionally, when the drivers were running late, they had to transport the customer to their destinations. This didn’t, however, kill their confidence. People eventually started to adore their services due to their tireless efforts.

Nevertheless, in 2012, they encountered a problem that felt unimaginable to the project’s designers. They had an issue with a website error. Ankit was in Bangalore at the time, while Bhavish was in Mumbai. Ankit had no choice but to help Bhavish, managing the outage in Mumbai throughout the night while on call.

But they perfectly escaped the situation thanks to their success and diligence. They decided to relocate from Mumbai to Banglore after that. They introduced their mobile application that same year.

Who are Ola’s Competitors?

In the bike segment, Rapido is now giving Ola a difficult fight. Ola has a direct rivalry with Uber. Several rivals exist in India, including Zoomcar India Private Ltd., which buys Zoom cars; Carzonrent (India) Pvt. Ltd., which controls Carzonrent; and Meru Cabs Company Pvt. Ltd., which owns Meru Cabs.

In 2016, TaxiForSure, a fierce rival also a startup local cab aggregator, faced up against Ola. Ola acquired TaxiForSure and moved forward using its power. Ola has been increasing its range of services over the past year. It started by providing a range of trip options, from budget to opulence, membership discounts, and in-car entertainment. Along with providing taxi services, they also provide motorcycles and auto rickshaws for affordable prices. They also provide the option of sharing a taxi.” According to Ola CEO Bhavish Aggarwal, the company plans to launch an IPO within the next two years.”

Conclusion

In conclusion, we can claim that by launching the Ola cab initiative, Bhavish Aggarwal and Ankit Bhati have aided several individuals. The Ola app is straightforward; with only a single swipe, the driver will quickly arrive at your place. With Ola, there is no need to be concerned about parking or anything else when travelling.

Ola is affordable, and providing a car trip satisfies the desires of those who don’t want to travel by automobile. Their facilities are also being expanded. They are now offering the bike facility, which is particularly advantageous for those who wish to travel alone, are pressed for time, or want to avoid traffic. Thus, this is Ola’s success story, and we can all see how important it has become to our daily lives.