Transportation is integral to everyone’s life. Life becomes easy with the leverage of technology. Now one can book the car with few clicks.
Even the car will come near the doorstep of the customer. Consequently, booking cabs are no more a hassle.
But the situation was not similar earlier. Booking a taxi requires an all-day-long process. Sometimes, drivers were demanding exorbitant prices with users.
Then the users have to negotiate with the driver over the price. So, it was a horrible experience back then. Now there is no such risk, annoying experience, and unfair prices.
Now, there is the hub of cab aggregating platforms in India. Back then there were tours and travelers agencies. Now, there is a lot of demand for cab aggregating platforms in India.
One of the main power of cab aggregating platforms is technology. All the activity is done via the internet. So, there is a lot of consistency and fair systems that prevail.
One such leading cab aggregating platform is Ola. This cab aggregation platform is ruling the traveling sector in India.
Here, in this blog, there is depth analysis of the Ola startup story and its strategies. Even the role of Bhavish Aggarwal building up this unique and mesmerizing platform.
Ola is an Indian cab aggregating platform startup. The company facilitates the users to book a cab with few clicks via the Ola app.
Even the cab aggregating company provides platforms both for the drivers and to the users.
It is one of the leading companies in India with more than 100+ million downloads. Even more than 220 million customers are using the Ola app. The company is known for its service and customer experience.
Bhavish Aggarwal and Ankit Bhati are the founders of Ola. Then the duo brought a new revolution in the traveling system in India. Ola was founded on December 3rd, 2010.
Ola startup has now growing at a quick pace and reaches newer verticals as well. On August 15, 2021 ola had entered into electric scooter space. Even they made a record of selling 1 lakhs of Evs. Besides just in a single day via online booking.
Cab aggregating platform, Ola nearly makes 1.5 million rides per day. Approximately, it covers 43 lakhs kilometers per day. As the platform has spread across 250 Indian cities. Even there are around 2.5 million ola cab drivers.
Ola startup story will be very inspiring for many budding entrepreneurs.
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Ola Startup Story
Startups take birth with different perspectives. Sometimes startups raise some existing problems with awareness from society. In other times it will be his or her own experience that makes them build a startup.
Even Ola startup story is also take the shape when Bhavish Aggarwal went through some awkward and helpless situation. Even the Ola startup kept its raise via some incidents.
Once, Bahvish Aggarwal was traveling from Bangalore to Bandipur via taxi. But he could not make it to Bandipur. As the taxi driver was reluctant on going further due to location issuers.
Because the location was very out of the city. So, the taxi driver demands Bhavist to give extra money for the journey. But Bhavish Aggarwal was angry and burst out against the taxi driver.
Then, Bhavish could not negotiate with the driver. Finally, he ended on walking to reach his destination.
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Foundation of Ola startup story
Further, Bhavish Aggarwal could not tolerate the attitude of the driver. At the same time, even he thought about the situation of the other customers.
So, he came with the idea of starting the website called Olatrip.com. As the company focuses on suggesting and guide the users throughout the vacations. Even the platforms provide some valuable suggestions for a picnic spot.
Even the platforms provide package tours with a high range of discounts. But Bhavish Aggarwal had not seen any major growth in the platform.
So, in 2010 the company pivots to cab aggregating platforms. Then both Bhavish Aggarwal and Ankit Bhati went on to build the application. Even at the initial stages, it was a big task for Bhavish Aggarwal to explain the product to the drivers.
Moreover, there was no internet penetration boom in India. On the other hand, Ankit Bhati went on to code for the Ola app. Besides, Bhavish Aggarwal was doing all the things manually.
Sometimes, he used to hold the banners in front of any stadium or crowded places. There were a lot of difficulties in build the initial ecosystem.
Then the foundation of the platform was laid gently, Further, Ola startup got fundings from Sequoia Capital, Tiger Global, Matrix India, and more.
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Growth of Ola Startup
Ultimately, the users are loving the services that the Ola platform providing. Even there was rapid growth with platform userbase.
Ola targets youngsters and gave a lot of free rides on the first trial and via referrals. From referrals, there was huge marketing from users to users. In simple words, the platforms were get prompted with word of mouth.
Now the Ola startup has a valuation of about $3 billion in 2021. Even Ola got a user base of more the 220 million. It is also serving Australia, New Zealand, and the UK.
Due to the Corona pandemic, there was a huge setback to the company. Due to frequent lockdowns and restrictions, the movement of the people made Ola wreck. But now the platform is gaining momentum once again.
Even the cab aggregation platform, Ola also entered the electric vehicle brand. Ola’s electric vehicle will be the futuristic trending Evs with the latest technologies.
So, Ola starting has a tours package website at the initial stages. Now the company had grown into a multi-billion company. There should be continuous hard work innovation into the platform.
Even Ola made the accuracy of the map one hundred percent. So, there should be no technical barrier between users and drivers.
Ola made its way to become one of the successful companies in India. It made a huge impact on India.
Ola founder Bhavish Aggarwal
Ola founder Bhavish Aggarwal was born on August 28, 1985. As he comes from the city Ludhiana, Punjab.
Then he did graduation from IIT Bombay in computer science. Bhavish Aggarwal was very passionate about entrepreneurship.
Always he enthusiastically took part in entrepreneurial events. Whenever he listens to the lecturers of entrepreneurs he got a lot of motivation and zeal to start his venture.
After completing graduation, he worked in Microsoft for 2 years. But his entrepreneurial mindset urges him to build his venture. In 2010, Bhavish Aggarwal resigned from his post.
Then in India, an incident lead him to start his startup, Ola. Ola is a Spanish word that conveys the meaning of “HELLO”.
So, it is important to have an entrepreneurial mindset to start a startup. Even the problem your solving is also important for growth in the future.
Ola Business Model
Olas is a cab aggregating platform where the whole business model revolves around the commission.
Any driver can come and register the car into the Ola platform. Then he is entitled to become the Ola cab driver. Further, he gets a unique identity to get rides from the end-users.
So, becoming an Ola cab driver is as simple as it sounds. But of every ride, he completes a certain amount should be given to the Ola platform as commission.
Ola’s Business model is simple and gets main source revenue from commissions. Initially, the business model traps both the users and the drivers.
Earlier, Ola cab drivers used to get a lot of incentives(rewards) from the Ola platform. So, all the drivers were happy to be a part of Ola. As a result, every taxi driver desires to be an Ola cab driver. Because of the amount of the high incentive given to the drivers after completion of the target.
Here all the drivers were sticking to the Ola platform. On the other hand, users were getting attracted to the insane offers. For every new user first ride was absolutely free. Even there were exclusive offers on referrals and coupons code.
So, this made users depend on the platform. It has become new common to travel in a cab. Ultimately, both users and drivers were interdependent on the Ola platform.
This strategy helps Ola to become a multi-billion-dollar company. Eventually, now there is an ecosystem is build where the users and drivers can’t leave the platforms and move.
So, it is essential to plan a perfect business plan. Ola’s startup story is the perfect example of the best business plan.
At present, there are not many incentives are given to Ola cab drivers. Still, all the drivers are relying on platforms. Even there are not any exclusive offers to the end-users as well. But, users can stop using the Ola app. So, the Ola business model is an extraordinary business model for the success of any startup.
Startups have to focus on the employees and users to build successful businesses in the future.
Ola Electric Scooter
Ola company had entered into the electric vehicles space. Now Ola has built the world’s largest Electric vehicle manufacturing unit in Tamil Nadu.
There is a lot of demand for EVs in India. Due to the surge in fuel prices in India, so people are heading towards electric vehicles. Besides, the government is also providing a lot of benefits as well.
Even the government of Delhi and Maharastra are not excluding road taxes for the EVs. To promote the electric vehicles space as it is a boon for the country.
Ola has recently opened its online sales for its variants S1 and S1 pro. Ola electric vehicle S1 and S1 pro costs INR 1 lakh and 1.3 lakh respectively. In just a single day 1,100 crores worth of Evs have been sold via the platform.
Ola electric vehicle comes in 10 attractive colors. Even the look of the EVs is trendy and dashing. Even ola is planning to ramp up the production to 1 million by 2022.
So, there is a lot of demand for electric vehicles in India. Ola electric vehicles will surely create a revolution in this industry.
In this way, the Ola company had raised by its founder Bhavish Aggarwal. So, there should be a strong desire to build the company.
Even pivoting at the right time is also one of the essential aspects to build a successful company.
Ola startup story is a perfect solid example for budding entrepreneurs to build successful startups.