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 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.
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 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.
Rajiv Bansal quits as Ola's CFO
09 Feb 2017
- According to sources, Ola's Chief Financial Officer (CFO) and former Infosys veteran Rajiv Bansal has resigned. Its chief marketing officer Raghuvesh Sarup has also resigned.
- Pallav Singh, head of operations at Ola has been named as the interim CFO.
- Reportedly since the time Bansal joined Ola, the start-up has struggled to acquire new investors.
- Ola's last valuation stood at a peak of $5 billion.
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