Fastest growing cab network across India
3 Dec 2010
- Ola is an online cab booking service based out of Mumbai and one of the fastest growing cab hailing firms in India.
- It was founded on 3rd December 2010 by Ankit Bhati and Bhavish Aggarwal; the latter is also its current CEO.
- Ola provides customers with an array of cab options like Mini, Prime and Luxury and with different modes of payment.
Ola gets a promising series of investments
- On 21st April 2011, Ola received $3,30,000 in the initial round of funding.
- The company further amassed $5 million from Tiger Global Management in Series A funding.
- In Series B funding, Matrix Partners and Tiger Global invested another $20 million in the company.
- Steadview Capital and Sequoia Capital gave it $41.5 million in funds in July 2014.
Ola starts its pilot program with auto services
17 Nov 2014
- Ola introduced a new feature which allowed the riders to opt for autos for their travel. The booking process is the same as that for the cabs.
- 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.
Ola acquires TaxiForSure
3 Mar 2015
- In a $200 million deal, Ola acquired TaxiForSure 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, TaxiForSure 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.
Ola launches Ola Cafe in select cities
20 Mar 2015
- Ola launched its food delivering option-Ola Cafe, that promised to deliver the customer's order within 20 minutes.
- The service was launched in 4 cities: Mumbai, Delhi, Hyderabad and Bangalore (even in these cities only select locations could avail this service).
- The 'Cafe' feature is present on the Ola app and offers a pre-set menu for lunch, snacks and dinner available from 12PM to 11PM.
Ola raises another $400 million in funding
16 Apr 2015
- Ola got $400 million in its Series E round of funding, led by DST Global along with GIC, Falcon Edge Capital and others.
- $100 million of this funding has been earmarked towards growth and expansion of its recently acquired TaxiForSure.
- This investment will help Ola expand deeper into smaller cities and in 200 cities by the end of 2015.
Ratan Tata joins Ola as its newest investor
3 Jul 2015
- Marking his 10th investment in the year, Ratan Tata has now invested in the online taxi booking service Ola.
- Tata has taken stakes in his individual capacity and the nitty gritty of the deal has not yet been disclosed.
- Ola was thrilled to be associated with Tata, whose mentorship and validation has made a name of its own in the business world.
Ola reaches $5 billion valuation with fresh $500 million
18 Nov 2015
- Ola has raised $500 million in funding and is now valued at $5 billion.
- Ola said that it had sealed its Series F funding round with investment from Didi Kuaidi, China's largest cab service 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.
Ola e-rickshaws to hit Delhi streets
5 Apr 2016
- Taxi aggregating company Ola announced that it will be introducing an electric-rickshaw segment across Delhi, Gurgaon, Noida, Ghaziabad and Faridabad shortly.
- The first Ola e-rickshaw would be booked by PM Modi at the launch of the 'Stand-up India' initiative today.
- 5100 e-rickshaws would be launched in partnership with Bhartiya Micro Credit.
- The scheme will be expanded to small towns and tier-3 cities as well.
700 Ola employees laid off; TaxiForSure shut down
17 Aug 2016
- A year and a half after acquiring TaxiForSure, Ola shut down its business, according to sources.
- After spending $200 million on the acquisition, Ola has closed independent TaxiForSure businesses and merged the same into its own app.
- No one from TaxiForSure who decided to leave the company was stopped.
- The 700 layoffs bring about a cost reduction of ₹30 crore/month.
Ola ties up with Mahindra, BMW
- On 8 September, Ola Cabs announced a ₹2,600 crore partnership with Indian automaker Mahindra and Mahindra to help finance vehicles for over 40,000 Ola drivers in the next two years.
- On 25 October, Ola announced a partnership with BMW, in order to cement its luxury car segment for users.
- The two deals are indicative of Ola's long term trajectory in India's cab-aggregator market.
Ola to raise $300-500 million
02 Nov 2016
- Sources said that Ola is in talks with its investors for a fresh round of funding to raise $300-500 million.
- It is reported that Ola has been in talks for fresh funding for over a year; the company received $57.3 million in its last round of funding in December 2015.
- It is expected that the funding would go toward expanding Ola's fleet.
Soon free music, movies on Ola
23 Nov 2016
- In an attempt to compete with Uber, Ola is in the process of offering free music and movies to customers on tablets that will be provided in their cabs.
- The "connected platform", termed Ola Play, will also offer shopping and allow customers to regulate air-conditioning.
- The plan will first be rolled-out in Bangalore, Mumbai and Delhi and will be available to all by Dec'17.
Ola seeking investment at 40% lower valuation
26 Nov 2016
- India's Ola is gearing up to raise funds at a critically reduced valuation of approximately $3 billion.
- Accepting investments at a lowered valuation known as down-round is carried out by companies which need urgent funds to support operation.
- Down round can lower the morale of previous investors.
- Ola will be the first unicorn to do so at 40% lower valuation than present $5 billion.
Olacabs launches 20 minute food delivery service in four cities in India: Here’s how it works | Latest Tech News, Video & Photo Reviews at BGR India
Ola Cabs raises $400 mn in Series E round of funding; earmarks $100 mn towards TaxiForSure | The Financial Express
PC: 'Auto-rickshaw' by (WT-shared) Jtesla16 at wts wikivoyage. Licensed under CC BY-SA 4.0-3.0-2.5-2.0-1.0 via Wikimedia Commons
PC: 'Ratan Tata and Ambassador Roemer' by U.S. Embassy New Delhi - Ratan Tata. Licensed under Public Domain via Wikimedia Commons
PC: 'Vegetarian Curry' by GracinhaMarco Abundo - Vegetarian Curry. Licensed under CC BY 2.0 via Wikimedia Commons