WHAT IS OLA ?
Ola Cabs (stylised as OLΛ), is an Indian transportation network company (TNC) offering services that include peer-to-peer ridesharing, ride service hailing, taxi and food delivery. The company is based in Bengaluru, Karnataka, India and was developed by ANI Technologies Pvt. Ltd. As of May 2019, Ola was valued at about $6.2 billion.[3] A variety of venture capitalists including Softbank have large stakes in the company.[4]
Ola Cabs was founded on 3 December 2010 as an online cab aggregator in Mumbai, and is now based in Bangalore. As of 2019, the company has expanded to a network of more than 1,500,000 drivers across 250 cities.[5] In November 2014, Ola diversified to incorporate auto rickshaws on a trial basis in Bengaluru.[6] After the trial phase, Ola Auto expanded to other cities like Delhi, Pune, Chennai and Hyderabad starting in December 2014.
In January 2018, Ola extended into its first overseas market, Australia, and in New Zealand in September 2018.[7] In March 2019, Ola began its UK operations introducing auto rickshaws in UK.
History
In March 2015, Ola Cabs acquired Bengaluru based taxi service TaxiForSure for approximately ₹1,394 crore (US$200 million).[8] June 2015 onwards, Ola users gained access to TFS cabs via the Ola mobile application.[9] Later in the year in November, Ola further acquired Geotagg, a trip-planning applications company, for an undisclosed sum.[10]
In a move to expand beyond cab aggregation, Ola acquired struggling foodtech company Foodpanda with an eye on leveraging the growing food delivery segment business in December 2017.[11] In April 2018, Ola made its second acquisition with Ridlr (formerly Traffline), a public transport ticketing app.[12] Later in August 2018, Ola financed Series A funding of the scooter rent startup Vogo, and again in December, invested another $100 million.[13]
The Karnataka state transport department suspended Ola's operating license for six months for violation of licence conditions and violation of Karnataka On-Demand Transportation Technology Aggregator Rules, 2016. This was on account of Ola running bike taxi services though it only had license for four wheeler taxi operations. The company termed the order unfortunate and was looking at working with driving partners to continue functioning. They also claimed to be in touch with authorities to sort things out.
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