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Ola Cabs is a profitable business now: Co-founder Bhavish

BQ Prime

BQ Prime · 2y ago

Ola Cabs is a profitable business now: Co-founder Bhavish

Bhavish Aggarwal, Co-founder of Ola Cabs, expressed that the ride-hailing company has become a profitable venture. He also mentioned that Ola Electric, the electric vehicle division, is likely to go public earlier than initially anticipated. Aggarwal originally estimated it would take four to six years of revenue before considering an IPO, but now he believes it will happen sooner than expected.

Related News

Ola Cabs brings back Ankush Aggarwal to its ride-hailing biz

Economic Times

Economic Times · 1y ago

Ola Cabs brings back Ankush Aggarwal to its ride-hailing biz

Ankush Aggarwal, the brother of Ola Cabs founder Bhavish Aggarwal, has returned to the ride-hailing business after being involved with Ola Electric Mobility. As part of the senior leadership team at Ola Cabs, Ankush will serve as the CEO of Ola Financial Services. This move follows the exit of CEO Hemant Bakshi, and Bhavish Aggarwal is expected to take a more active role in leading the business towards profitability. Ola Cabs parent company ANI Technologies reported a loss of Rs 1,082 crore in FY23. The reshuffling comes amidst increased competition from rivals in the ride-hailing market.

Ola Cabs CEO Hemant Bakshi resigns; company to layoff 200 employees

Economic Times

Economic Times · 1y ago

Ola Cabs CEO Hemant Bakshi resigns; company to layoff 200 employees

Ola Cabs CEO Hemant Bakshi is reportedly leaving the company after just three months. The ride-hailing firm is also planning a restructuring that will result in around 200 job cuts. These developments come as Ola prepares to file draft listing papers in the next three months. Ola Electric has already filed draft papers for an IPO, waiting for regulatory approval. Ola Cabs founder Bhavish Agarwal remains the chairman. In January, Bakshi announced that ANI Technologies, the parent company, had turned profitable with a growth in revenue.

Two weeks after CEO exit, Ola Cabs CFO Kartik Gupta also steps down

Economic Times

Economic Times · 1y ago

Two weeks after CEO exit, Ola Cabs CFO Kartik Gupta also steps down

Kartik Gupta, the CFO of Ola Cabs, has left the company as part of an ongoing restructuring. This follows the departure of CEO Hemant Bakshi just a couple of weeks ago. Ola is restructuring to strengthen its cost structures, focus on growth, and improve its bottom line. Gupta joined Ola Cabs in November last year after almost two decades at Procter & Gamble. Founder Bhavish Aggarwal has taken over as CEO and is working towards turning the company profitable. Ola has also exited international markets and laid off employees recently.

Newly rebranded Ola Consumer resumes cab share rides

YourStory

YourStory · 1y ago

Newly rebranded Ola Consumer resumes cab share rides

Ola Consumer has reintroduced its ride-sharing feature on the Ola app, aiming to compete with rivals Uber and Rapido. The move was announced by Ola Co-founder Bhavish Aggarwal during the company's annual product launch event. Additionally, Ola Cabs will now be known as Ola Consumer, and a new loyalty program called Ola Coin has been introduced. The ride-sharing feature was suspended in 2020 due to the COVID-19 pandemic. Ola Electric, the company's electric vehicle manufacturing arm, recently listed on Indian stock exchanges and is set to launch new motorbike models.

Ola Cabs Rebranded To Ola Consumer; Ride-Sharing Service Ola Share Relaunched

Inc42 · 1y ago

Ola Cabs Rebranded To Ola Consumer; Ride-Sharing Service Ola Share Relaunched

Ola Cabs CEO and founder Bhavish Aggarwal has announced the rebranding of Ola Cabs to Ola Consumer during Ola Electric's annual event 'Sankalp'. The new entity, Ola Consumer, aims to provide a range of consumer services to enhance the accessibility, affordability, and efficiency of e-commerce.

Ola has exited Google Maps, moved to in-house system: Bhavish Aggarwal

Economic Times

Economic Times · 1y ago

Ola has exited Google Maps, moved to in-house system: Bhavish Aggarwal

Indian ride-hailing app Ola Cabs has transitioned completely to its self-developed online maps, Ola Maps, according to co-founder Bhavish Aggarwal. The company previously spent INR 100 crore ($13.7 million) per year on map services but has now reduced that cost to zero. This move follows Ola's decision to transfer its IT workload from Amazon Web Services and Microsoft Azure to its subsidiary Krutrim AI. Ola aims to increase its self-reliance and streamline operations through these strategic shifts.

Nithin Kamath, Kunal Bahl among 31 nominated to startup council

Inshorts · 1y ago

Nithin Kamath, Kunal Bahl among 31 nominated to startup council

The government has nominated 31 non-official members to the National Startup Advisory Council (NSAC). The list includes Zerodha CEO Nithin Kamath, Snapdeal Co-Founder Kunal Bahl, Urban Company Co-Founder Abhiraj Singh Bhal and others. Notably, Ola Cabs CEO Bhavish Aggarwal and BYJU'S CEO Byju Raveendran have been removed from the list following completion of term of two years.

D2C Founders Bat For Quick Commerce Route To Boost Operations

Inc42 · 1y ago

D2C Founders Bat For Quick Commerce Route To Boost Operations

Bhavish Aggarwal, the founder of Ola Cabs, announced that the company will be entering the quick commerce market through ONDC. Swiss Beauty's co-founder, Mohit Goyal, emphasized that quick commerce has become the preferred method for emergency beauty purchases. Shauravi Malik, co-founder of Wholsum Foods, mentioned that operational efficiency is crucial for businesses to succeed on quick commerce platforms. These insights were shared during a session on "Nailing The Quick Commerce Game" at Inc42's D2C Summit. Malik also highlighted the importance of operational efficiency when venturing into the quick commerce space.

The Unicorn Club: Founders Behind Multiple Billion-Dollar Ventures

StartupTalky

StartupTalky · 1y ago

The Unicorn Club: Founders Behind Multiple Billion-Dollar Ventures

This article highlights the success stories of several Indian entrepreneurs who have founded multiple unicorn startups. These individuals have demonstrated remarkable vision, determination, and innovation in their respective fields, leading to the rapid growth and valuation of their companies. Some of the notable entrepreneurs mentioned include Bhavish Aggarwal (founder of Ola Cabs and Ola Electric), Amitava Saha (co-founder of FirstCry and CEO of Xpressbees), Supam Maheshwari (CEO of FirstCry), Naveen Tewari (founder of InMobi), Asish Mohapatra (CEO of OFB Tech Pvt. Ltd), Ruchi Kalra (co-founder of OFB Tech Pvt. Ltd and Oxyzo Financial Services), Sandeep Aggarwal (founder of Droom Technologies and Shopclues), and Vijay Shekhar Sharma (founder & CEO of One97 and Paytm). With their remarkable achievements, these entrepreneurs have not only made a significant impact in the business landscape but also serve as inspiration for aspiring entrepreneurs.

Ola group’s continued top-level exits in 2024

Economic Times

Economic Times · 8m ago

Ola group’s continued top-level exits in 2024

In 2024, Bhavish Aggarwal's companies, including Ola, Ola Electric, and Krutrim, faced several high-profile executive departures. Key exits included Ola Electric's Suvonil Chatterjee (chief technology officer) and Anshul Khandelwal (chief marketing officer), as well as N Balachandar, Ola group's chief people officer. Ravi Jain, business head of Krutrim AI, also left, alongside others like Sidharth Shakdher (chief business officer) and Kartik Gupta (Ola Cabs' CFO). These resignations were mainly attributed to personal reasons.

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