Ola
Founded in 2010 by Bhavish Aggarwal and Ankit Bhati, Ola is a ride-hailing and mobility service company. Headquartered in Bengaluru, it serves over 250 cities across India, Australia, New Zealand, and the UK.
It ventured into its first overseas market in Australia in January 2018, followed by New Zealand in September, and then the UK in 2019.
The Ola mobile application allows users to sign up using their mobile numbers, set up their accounts and access all its features, which include, booking rides, buying their electric vehicle products, and insurance.
In 2019, the company launched Ola Bike, which offers bike taxi services for short-distance travelling. And in 2020, it launched Ola Fleet which caters to corporate travel and employee transportation.
The company has raised $5 billion in funding across 29 rounds. Its investors include SoftBank, Steadview Capital, and Temasek Holdings, among others.
In 2017, Aggarwal launched Ola Electric, which unveiled its first electric scooter Ola S1 in August 2021, soon after the announcement of its construction of the world's largest electric scooter manufacturing plant in Tamil Nadu, India.
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Funding
Mayank Bidawatka’s Billion Hearts raises $4M in seed funding round led by Blume Ventures
Bhuvana Kamath | November 20, 2024
The funding follows an earlier angel round of ~$250K from prominent startup builders, including those who have built startups such as redBus, Ola, InMobi, Flipkart, and Myntra.
Daily Capsule
What's happening in WazirX hack case; Mamaearth slips into red
Team YS | November 15, 2024
In August, over a month after the $234 million WazirX heist, the Intelligence Fusion and Strategic Operations (IFSO) of Delhi Police arrested one individual, a chargesheet filed on the initial findings viewed by YourStory shows.
News
Rapido sees 2.5X growth in gross order value in Q2, revenue rises 46% in FY24
Sai Keerthi | November 14, 2024
Ride-hailing platform Rapido reported its second quarter GOV of Rs 2,461 crore compared with Rs 977 crore in the year-ago period.
Entrepreneurship
8 Business lessons from India’s unicorn startup founders
Saniya Ahmad Khan | November 13, 2024
Discover top business insights from India's unicorn startup founders. Learn strategies, resilience, and lessons that shaped billion-dollar brands.
News
Cash-rich SoftBank eyes more AI bets for strategic growth
Sai Keerthi | November 12, 2024
With a stabilised cash position of over 4 trillion yen, or approximately $26 billion, SoftBank is primed for further strategic bets on generative AI, banking on what it sees as sustainable growth opportunities.
News
SoftBank swings to $7.7B profit in September quarter
Sai Keerthi | November 12, 2024
SoftBank's second-quarter earnings report comes a day before its portfolio company foodtech platform Swiggy lists on Indian stock exchanges.
Daily Capsule
Ola Electric’s Q2 loss shrinks; Shareholder buybacks or worker wellbeing
Team YS | November 9, 2024
In a shareholder letter, Ola Electric said that it delivered 98,619 scooters in the quarter, up 74% from the previous year.
Funding
[Weekly funding roundup Nov 2-8] VC funding wanes
Thimmaya Poojary | November 8, 2024
The first week of November saw lower amount of VC funding and this was largely due to a overall slowdown in activity The start of November month has not been optimistic for the Indian startup ecosystem as venture capital (VC) funding came in around the $100-million level and this is mostly likely