It is an Indian-based company founded in 2010 by Bhavish Aggarwal and Ankit Bhati. 11 years ago; they set up a multinational ride-sharing company located in Bangalore, India. The company's biggest breakthrough was when it established its first overseas market in New Zealand and Australia in January 2018. Then in March 2018, it started its extensions across the UK. Even in India, it has spread over 250+ cities, generating a revenue of approximately US$340 million.
OLA has developed its app to provide mobility solutions to customers by various vehicles, including cars, autos, and two-wheelers. Starting from scratch, today, it has become one of the leading companies with millions of satisfied customers and 1.5 million drive partners across the country. There is a new trend that OLA started called mobility via OLA electric vehicles, thus, contributing to a green future.
In March 2015, Ola Cabs purchased Bangalore-based cab business TaxiForSure for roughly ₹12.37 billion (US$160 million). Then in June 2015, Ola customers had access to TFS cabs through the Ola smartphone application. Ola bought the failing food-tech firm Foodpanda India to expand beyond cab aggregation, intending to exploit the burgeoning food delivery sector market in December 2017.
OLA started its food delivery system in march 2015, but the practice was called off soon enough. Again in December 2017, the company started its food delivery system by purchasing a food delivery app called food panda. Ola also said it would inject up to $200 million into the food delivery segment. While the number of users and purchasers grew substantially in 2018 owing to discounts and deals, the figures plummeted drastically in early 2019. In June 2019, it halted meal delivery service and laid off most of its 1,500 delivery executives. However, it continues to run Foodpanda's cloud kitchen operation.
Surge pricing has been a concern with clients since Ola is believed to first minimize competition by decreasing costs and then jacking up prices via surge pricing. Driver concerns Ola, since January 2017, have been widely criticized for repeatedly decreasing the driver incentives, which is harming driver-monthly partner's revenue. Most today are unable to manage their monthly EMIs and other dues. The daily revenue of taxi drivers is now equivalent to car drivers driving in the city after subtracting all dues.
Uber has also been condemned owing to its strategy of luring drivers and customers, first with discounts and incentives, and subsequently hiking up rates without transferring the revenues to drivers. Their habit of accepting huge signing up sums from drivers and not considering them workers has also been attacked. Both firms contractually regard drivers as "contractors," thereby relieving themselves from any legal responsibility.
Climate change is real, and the need to counteract it is equally urgent. None of us is surprised by this. We all want to make a difference, after all. But the dilemma is how can we both reverse climate change and progress our nation's growth at the same time.
Despite the fact that two-wheelers account for 80% of all automobiles sold in India today, just 12% of the population owns one. These cars burn 12,000 billion gallons of gasoline every year and contribute 40% to air pollution.
However, such a transformation necessitates global scale and quality production as well as innovation. That's what Ola has been working on with the Ola Futurefactory, the world's largest 2W factory, and it's what they're bringing to market now. It's a two-wheeled revolution. It's called the Ola S1, and it's simply the finest scooter ever created.
Ola S1 has characteristic dual headlights, ergonomic and fluidic body, excellent alloy wheels, contoured seats, and the largest boot area that easily holds two helmets. It is available in ten magnificent colors in satin, matte, and glossy finishes.
With a range of 181 kilometers, acceleration of 0-40 kilometers per hour in 3.0 seconds, and a peak speed of 115 kilometers per hour, it is setting new industry norms. It boasts a battery capacity of 3.97kWh, which is more than 30% greater than the next closest EV, and the most powerful motor in the category, with a peak output of 8.5 KW. The Ola S1 also has a proprietary Battery Management System (BMS) that constantly monitors the battery for optimal durability, performance, range, and safety.
S1 introduces technology that is several generations ahead of the competition. It has no physical key and uses the "digital key" feature to connect to your phone. This allows it to detect your presence and unlock automatically. As you go away, it will also lock. It has a multi-microphone array, in-house AI voice recognition algorithms, and the sharpest, brightest 7-inch touchscreen display ever seen in a scooter.
Ola has implemented a number of safety elements that are uncommon in the two-wheeler industry. It has an anti-theft system, geo-fencing, and a flame-retardant, water- and dust-resistant battery.
The front single fork suspension, rear mono-shock suspension, and 110/70 R12 tyres provide considerably better road grip and riding pleasure. It offers a cruise mode to make riding more pleasant and convenient, as well as a reverse option to make parking and exiting tight spots easier.
Pillion riders will appreciate how pleasant their journey will be, thanks to a strong grab rail, a side step, and contoured seats. Voice recognition is also included with the scooters, allowing you to accomplish critical activities fast without navigating the menu.
Ola S1 also addresses one of the most significant roadblocks to the expansion of the EV market in India: the upfront cost. The Ola S1 is available for Rs 99,999, groundbreaking pricing. This is the ex-showroom pricing, which includes the FAME II subsidy but excludes state subsidies.
Ola S1 will be significantly more inexpensive than many gas scooters in states with active subsidy programmes. In Delhi, for example, the S1 would cost just Rs 85,099 after state subsidies, while in Gujarat, it would cost only Rs 79,999. We've also partnered with banks and financial institutions to offer a Rs 2,999 EMI plan.