OLA History: Company Profile & Overview | Business Model, Revenue & Founders

Written by Rayden Sam Posted on 2024-01-25

Ola is India’s top mobility platform and one of the world’s largest ride-hailing firms, serving more than 250 cities in India and abroad.

About OLA: Over 1.5 million Ola driver-partners profit from the app’s ability to link clients with drivers in various vehicles, including motorcycles, auto-rickshaws, and metered autos.

Ola’s major mobility products in India are “Ola Electric” and “Ola Skill,” India’s largest fleet management business and job opportunities for India’s youth.

The company’s aim to provide mobility for the next billion Indians includes investments in dockless scooter-sharing service Vogo and the acquisition of India’s largest public transit app, Ridlr.

Ola Financial Services also offers microinsurance and credit-based payments, while Ola Food is India’s largest kitchen network.

Ola was founded in December 2010 by Bhavish Aggarwal and Ankit Bhati to make transportation accessible to a billion people.

History of OLA Company:

Ola Cabs acquired Bangalore-based TaxiForSure in March of that year for around $12.37 billion (US$150 million). In June 2015, Ola customers could order TFS cabs through the Ola mobile app.

In November of the same year, Ola paid an unknown sum for the trip-planning app Geotag.

To cash in on the burgeoning food delivery sector, Ola purchased Foodpanda India, a failing food tech startup, in December 2017. Ola recently purchased a public transit ticketing startup, Ridlr (formerly Traffline).

For the second time, Ola invested $100 million in Vogo in December, bringing the total investment to $200 million.

For breaking licensing requirements and the Karnataka On-Demand Transportation Technology Aggregator Rules, 2016, the Karnataka state transport department revoked Ola’s operation license for six months in March 2019.

Another significant issue was Ola’s policy of providing four-wheeled taxis and bicycle transportation.

Businesses may collaborate with transport providers to keep things moving despite the order’s low expectations. Several government officials have been contacted, as well.

Revenue of OLA

Before its launch in London in 2019, more than 10,000 drivers applied online and offline. As of February 2020, Ola’s taxi-hailing service in the United Kingdom had registered more than 25,000 drivers.

Ola generated its first-ever operating profit of 90 crores (US$11 million) in the fiscal year 2020-21.

OLA Technology

Ola Cabs’ mobile app security has been criticized in terms of technology. To replenish its bank account, the API calls could be replayed.

In August 2016, a person in Chennai received SMS messages containing personal information of Bangalore clients, such as their names phone numbers, and addresses. Even though Ola was alerted of these unexpected notifications, the company chose to reject them rather than submit them to the TRAIN.

Three weeks later, the corporation allegedly fixed the problem due to media scrutiny and social media attention.

A problem in the system resulted in several clients receiving messages such as “Your ride is on the way” or “Your ride has arrived” one day in January 2020, even though they had not attempted to book a ride through the platform at the time. If the ride is canceled, you may be able to book another ride.

Keywords

Ola generated its first-ever operating profit of 90 crores (US$11 million) in the fiscal year 2020-21.
Ola’s major mobility products in India are “Ola Electric” and “Ola Skill,”
“Your ride is on the way” or “Your ride has arrived” one day in January 2020,