Case Study of OLA
The name OLA surely needs no introduction as almost every Indian citizen had heard the name multiple times or utilized its services at least once. It has a user base of 200 million globally and is connected with a large network of over 2.5 million driver partners across 250 cities. You surely know about its huge success but do you know the story behind it?
OLA is India’s first cab aggregator company, launched in December 2010 and owned by ANI Technologies Pvt. Ltd. It was formerly known as OLA Cabs and its main purpose is bridging the gap between cab owners and commuters. The company has now reached the unicorn status with a $250 million investment from Soft Bank in July 2019.
The journey towards success:
OLA’s founders Ankit and Bhavish- like every new startup’s founders had faced a lot of challenges in the beginning. Sometimes Ankit had to code for 48 hours straight and Bhavish used to drive the cars himself to complete the cab bookings.
In 2010, network connectivity issues were very much prevalent in India. Most of the population did not have access to internet connectivity unlike now and the small population which had it could only access internet in 2G speed. This was a major drawback for the startup then but the founders weren’t discouraged by any of it. They kept working with utmost passion and with time people started to encourage the services it provided.
OLA had managed to raise a total funding of $3.8 billion over 25 rounds. In 2019 OLA’s valuation was estimated to be around $10 billion and its major shareholders include Soft Bank group, Tencent, Tiger Global, Matrix Partners, & DST Global.
OLA has been funded by 44 investors, the most recent ones being ARK Ola Pre IPO Private Investment Trust and Hussam Khoury.
Now OLA competes with Uber, which is the world’s most well financed startup. Currently it has over 150,000 bookings per day and has spread to major cities across India, UK, Australia, New Zealand, etc.
Moreover, the company has been evolving rapidly with even advanced booking features at present in the application that keeps up with the increasing demands of the customers. Hence the user base is increasing massively every day!
So are you an entrepreneur searching for inspiration to open your own company? Well I am sure the story of this startup will be a source of motivation for your entrepreneurial advancements. If you have a business idea, we would love to hear from you in Happython 2020!
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Event date: 13th December
Last date for registration: 5th December
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