Success Story of OLA Cabs with Bhavish Aggarwal ( CEO and co-founder of Ola Cabs)
The Indian economy continues to be one among the topmost nations having grown at a steady pace for of last couple of decades. This growth has led to a huge migration of rural population to urban parts of the country. The migration has evoked rise in demands of adequate transportation needs. In cities, travelling long and short distances is a part and parcel of daily life.
With the ever-mounting population, the transportation system seems paralysed. In such circumstances, an out-of-the-box idea was badly needed to cater to the increasing travellers as well as provide comfort to the commuters. To fulfill this need, Ola Cabs emerged from nowhere on the Indian landscape.
Ola Cabs is a byproduct of the pain-point often experienced by a traveller in India. One of the co-founders of the company, Bhavish Aggarwal, while travelling to Bandipur from Bangalore was left stranded in the middle of his journey by the driver. The reason being that he was not willing to renegotiate the already discussed fare by the driver. This poor experience made him give a food for thought to pioneer an effective and comfortable cab service. Eventually, in December 2010, he gave final touch to his vision along with co-founder Ankit Bhati.
Both the founders are IIT-Bombay graduates. Not only this, both have researched in Microsoft for two years. The experience gained by them while working for and with such a giant came handy and helped them establish their startup in Mumbai. They pitched their business idea to many angel investors and succesfully managed to get an investment of over 34 lakhs. This amount was used for the office space and other essentials. Initially, their office was set up in a 1BHK office space in a mall.
Since its inception, the company has moved forward with an aim to provide better than the best services. It continues adding new features in its software taking into consideration the demands and needs of commuters. Ola creates partnership with drivers and cab owners to yield assorted cab services across India. By means of its topnotch technology and innovative solutions, it expanded to over 50 cities by the year 2015. It went on to provide more than 200,000 rides per day registering a growth rate of over 40%.
However, not everything was hunky dory for the company. They had to face a couple of challenges. In the year 2012, the company faced website failure which was like a nightmare for the founders. Ankit, staying in Bangalore, was left with no option but to stay on call the whole night giving assistance to Bhavish, who was handling the outage in Mumbai. With their success and perseverance, they came out of the situation flawlessly. Soon, they made their mind to shift their workplace from Mumbai to Bangalore.
The same year, they launched their mobile app. In 2016, it faced fierce competition from TaxiForSure which was also a indigenous cab aggregator startup. Ola acquired TaxiForSure and continued its dominance. Although it is facing competition from Uber, still, it rules the chart.