About Ola
Ola is an Indian Taxi Service Providing Company Founded in 2010. Which Revolutionized the transportation industry in India.Ola, has been successful in providing affordable taxi services across 100 cities in India. The Company Grown exponentially and has become a household name in India.
Business Model of OLA
Ola’s platform connects riders and drivers through a mobile application, It operates under a straightforward model. Customers can book cabs through mobile app . None of the taxis is owned by Ola.Drivers who have a valid licence, verified and authorised by transportation authorities are permitted to work with ola. Drivers can be independent contractors or employed by the company.Once driver register with Ola, they have access to a driver-specific mobile app on their smartphone, just like Customer have a specific app for booking cab.The Whole process done after reviewing the authenticity of both drivers and customer.The drivers are free to select their own time to log in to the Ola app and accept requests from customers.
Revenue Model
1.Through Commission :- Ola main Source of revenue generation is commision based model.Company take commission from every ride booked through its platform. The rates of commission varies for different types of rides.Commission helps in Covering the costs of technology, customer support, marketing, and other expenses.
2. Surge Pricing :- Ola has a unique pricing policy that allows for dynamic pricing, which increases during peak hours of demand. This dynamic pricing, also known as surge pricing, It is a temporary increase in the price of a ride due to an increase in demand. This model helps Ola meet the high demand for rides when there are limited drivers on the road. This pricing model also incentivizes drivers to work during peak hours when they can earn more money.
3. Rental Services :- Ola has also introduced rental services for customers, which allow them to rent cars with drivers for a specific duration or time, typically more than four hours. The company charges a flat fee, depending on the type of car and the distance covered. This rental services are popular among customers who want to plan an entire day of travel without worrying about transportation.
About Founders – Let’s Take a Closer Look at the founders of Ola.
- Bhavish Aggarwal :- Bhavish was born in Ludhiana ( Punjab ) in 1985. Bhavish Complete his Education in Computer Science Engineering From the Indian Institute of Technology ( IIT ) Bombay.After Completing his degree in Computer Science Bhavish Worked for Microsoft as a researcher.Bhavish Started his own venture, which was focused on finding short supply chains.His enterpreneurial journey took a turn when he had a bad experience with a cab driver on a trip to Bangalore.This Bad Experience gave him the idea to start Ola.
Awards and Honors
mBillionth Award South Asia in 2013.
Bhavish name appeared in The Hindustan Times’ list of “30 under 30” .
He is one of among the people ‘ 30 Under 30 ‘ List of Forbes.
Bhavish received 2019 SABRE Awards South Asia, as the CEO of the Year honour.
He received the Entrepreneur of the Year award, By Economic Times.
2. Ankit Bhati :- Ankit Bhati was born in Rajasthan in 1985. Bhati Also Completed his studies in Computer Science Engineering From IIT Bombay. After taking his degree in Computer Science he worked for Companies Like Tatatel and Broadcom.Ankit met Bhavish when he was working on his short supply chain venture. The two hit it off almost immediately and started working on Ola together.Ankit is known for his expertise in operations and supply chain management. He has played a crucial role in building Ola’s logistics network and supply chain operations. His focus on building a strong and reliable supply chain has helped the company scale rapidly, even in smaller cities and towns across India.Together, Bhavish and Ankit have built Ola into a household name in India, competing head-to-head with global players like Uber. They have been successful in providing affordable, accessible, and sustainable ride-hailing services to millions of Indians.
Ola Electric
Ola Launced his Electric Vehicle Subsidiary in 2017 with aim of electric mobility cleaner , easier and more accessible to everyone.The Main Mission of Company is to enable sustainable mobility by making electric vehicles more affordable.One of Ola Electric’s most significant initiatives has been the launch of its electric two-wheeler, Ola S1. The scooter offers a range of up to 121 km and a top speed of 90 km/h, making it suitable for both urban and rural riders. The scooter comes with features like an onboard navigation system, cloud connectivity, and more.Ola has also been actively investing in developing electric infrastructure by setting up charging stations across India. They are also working with local governments to build charging corridors across the country. Furthermore, Ola Electric has announced ambitious plans to start the world’s largest two-wheeler factory that will have an annual production capacity of 10 million vehicles.
Conclusion
Both founders of Ola, Bhavish and Ankit have transformed the transportation industry in India through their innovative ideas and commitment to providing affordable and accessible transportation to the masses. Their entrepreneurial spirit, deep understanding of technology, and expertise in operations have been instrumental in Ola’s success. These founders are an inspiration to many aspiring entrepreneurs in India and around the world.
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