Olacabs, founded in January 2011 by two IIT Bombay alumni Bhavish Aggarwal and Ankit Bhati is India’s first aggregator of car rentals and point-to-point cab services. Olacabs integrates car transportation, be it point-to-point services within a city, hour-based rental services or outstation travel, onto a technology platform, ensuring convenient, transparent and quick service fulfillment for the customer. Customers can access Olacabs, on the web, through a mobile app or through a customer service centre. Currently, Ola offers services across Mumbai, Delhi NCR, Pune and Bangalore.
Olacabs does not own or operate its own fleet, but aggregates small fleet operators and single vehicle owners. The inventory utilisation among small cab operators (ownership of 1-3 cabs) in India is an abysmal 40-50%. Cab owners benefit from the Olacabs network and technology platform and that in turn helps them procure customers and enhance their income through better inventory utilisation. In Mumbai, inventory utilisation levels have gone up to 70% for cars that are on the Olacabs platform.
Olacabs is the first service to offer Android, iPhone and Web app in India that not only books a cab, but also helps customers track their cab on their mobile phone until it reaches them. Olacabs also has an app for drivers that acts as an in-car navigation and communication device. Olacabs also conducts regular car audits, driver training & sensitization sessions and to ensure standardized service delivery and customer comfort.
Funding Rounds (4) - $66.8MUpdate
Suncity Complex, Powai
Power of ideas 2012: Online taxi startups like Ola Cabs, Savaari spell good business for taxi driversarticles.economictimes.indiatimes.com