Yuvraj getting hitched but father Yograj won't attend
Nalanda University Chancellor resigns

Fastest growing cab network across India

3 Dec 2010
Fastest growing cab network across India
  • 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

Jul 2014
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 starts its pilot program with auto services
  • 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
Ola acquires TaxiForSure
  • 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 launches Ola Cafe in select cities
  • 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 raises another $400 million in funding
  • 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
Ratan Tata joins Ola as its newest investor
  • 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 reaches $5 billion valuation with fresh $500 million
  • 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
Ola e-rickshaws to hit Delhi streets
  • 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
700 Ola employees laid off; TaxiForSure shut down
  • 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

Tie-ups
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
Ola to raise $300-500 million
  • 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
Soon free music, movies on Ola
  • 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
Ola seeking investment at 40% lower valuation
  • 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.
Sources