Ola, India’s ride-hailing app is a bridge between cab drivers and commuters. Ola boasts of having around 60% market share in online cab bookings in India with more than 10 lakh cab drivers attached to its service.
Ola has a mission of building mobility for a billion people. Ola has now added bikes and cycles too.
Two IITians Bhavish and Ankit while trying to chase their dream of becoming entrepreneurs, when they started this online travel company.
The story behind OLA is that Bhavish was once traveling from Bangalore and had a bad experience with a driver who ditched him mid-way.
Bhavish found himself stranded on unknown roads. That is when he got the idea to start a cab-hailing service with excellent customer service.
Two IIT B-Tech graduates who started their careers in Microsoft and other startups have acquired three smaller startups to date and raised more than $350 million from existing as well as new investors.
Initially, Ola had 29 investors, including angels, marquee venture capital firms, and hedge funds. They also got Top investors like SoftBank, ABG Capital, Accel Partners, Mauritius Investments, Tiger Global Management, Matrix Partners, Steadview Capital, Sequoia Capital, and DST Global, sailing capital, Temasek Holdings.
This also includes Debt financing and secondary market. Their current valuation is somewhere between $5 billion to $6 billion.
As per data till October 8, 2018, Ola’s significant shareholders include SoftBank Group (26.1%), Tiger Global (15.94 %), Tencent (10.39 %), Matrix Partners (8.57 %), and DST Global (6.72%) respectively.
The latest funding rounds up to $3.8 billion over 22 rounds that were raised on March 18, 2019. Ola also operates Foodpanda that delivers food, competing with UberEATS in the Indian market.
After Foodpanda Ola announced the acquisition of public transportation ticketing startup Rider.
The rider is an undisclosed deal, the imminent transaction that happened in 2018, described it as a fire sale, and Ola confirmed the deal too.
2019 brought more good news for Bhavish and Ankit.
Ola has launched a credit card in partnership with SBI and Visa. On ET, “Mobility spends form a significant wallet share for users, and we see a huge opportunity to transform their payments experience with this solution,” said Bhavesh.