Ola grew from a cab-booking startup founded by Bhavish Aggarwal and Ankit Bhati into one of India's major ride-hailing platforms.
Discover the story of Ola founder Bhavish Aggarwal, from the frustrating taxi ride that inspired Ola to its rise as a major Indian ride-hailing platform, funding journey, financial struggles and plans for a public listing.
Written by TFN Research Desk | covering startups, technology, venture capital, and business strategy
Quick Facts
| Founders | Bhavish Aggarwal, Ankit Bhati |
| Education | Both founders – B.Tech Computer Science, IIT Bombay |
| Prior Ventures | Bhavish Aggarwal – Microsoft Research India |
| Role | Co-Founder and CEO, Ola (Bhavish Aggarwal) |
| Founded | 2010 |
| Sector | Ride-hailing / Mobility |
Introduction
Bhavish Aggarwal’s Ola origin story is almost cinematic: stranded midway on a Bangalore-to-Bandipur trip after a taxi driver demanded more than their agreed fare and abandoned him when he refused, Aggarwal decided India needed a more reliable way to book a cab. (Business Today) He teamed up with fellow IIT Bombay graduate Ankit Bhati, and together they founded Ola in December 2010. (DNA India) Fifteen years later, Ola has grown into one of India’s best-known consumer tech brands, spawned a separately listed EV company in Ola Electric, and is now itself preparing for a rocky path to the public markets. (Inc42)
The Ola Story
Before founding Ola, Aggarwal completed his computer science degree at IIT Bombay in 2008 and spent two years at Microsoft Research India, gaining early exposure to large-scale technology systems. (ThinkWithNiche) Ola actually began as a slightly different idea: an app offering holiday packages, before Aggarwal and Bhati recognised the much larger opportunity in simply connecting cab owners with commuters over the internet and mobile phones. (Business Outreach; YoSuccess) Bhati, who joined shortly after and became CTO, spent his early mornings poring over data to sharpen how the app estimated routes, driver ETAs, and ride quality. (Business Outreach)
The company, officially owned by ANI Technologies Private Limited, scaled rapidly through the 2010s, expanding into auto-rickshaws, bike taxis, and rental services, and competing head-on with Uber’s entry into India. (ThinkWithNiche) Along the way, Ola diversified well beyond ride-hailing, launching Ola Money, Ola Electric, and briefly a quick-commerce and food-delivery push, though the latter businesses were later shut down as the company refocused on its core operations. (IndiaIPO) In August 2024, Ola Electric, Aggarwal’s electric two-wheeler venture, went public, becoming the first Indian EV company to list on the stock exchanges. (Business Standard)
Ankit Bhati, meanwhile, stepped back from Ola’s board and day-to-day operations several years ago, reportedly amid disagreements with Aggarwal, and went on to found Amnic, a cloud-cost optimisation startup. (StartupTalky)
Business Model
Ola, now rebranded as Ola Consumer, earns revenue primarily through commissions on its ride-hailing marketplace, alongside adjacent financial services:
| Revenue Stream | How It Works |
|---|---|
| Ride-hailing commissions | 24-28% commission on gross order value from cab, auto, and bike-taxi rides |
| Ola Money | Digital payments and credit disbursement services |
| Ola Pay | UPI-based payment infrastructure |
| Ola Fleet Technologies | Vehicle leasing and fleet management for driver partners |
(Sourced from Inc42)
Funding History
| Round/Event | Year | Amount | Key Investors |
|---|---|---|---|
| Growth rounds | 2014–2019 | Multiple rounds | SoftBank Vision Fund, Tiger Global, Matrix Partners |
| Term loan | Dec 2021 | $500 million | Global institutional investors |
| IPO preparation | 2026 | In process | Board approval received for public listing |
(Sourced from Inc42 and IndiaIPO)
Overall, Ola Consumer has raised over $4.74 billion to date. However, the company’s valuation has fallen sharply from its peak: asset manager Vanguard recently marked down its stake in ANI Technologies to imply a total company valuation of just $70.3 million, a decline of roughly 99% from earlier private-market highs. (officechai)
Revenue and Growth
| Metric | FY24 | FY25 |
|---|---|---|
| Consolidated Revenue | ₹2,011.9 crore | ₹1,170.9 crore (down 42%) |
| Consolidated Net Loss | ₹328.7 crore | ₹662.4 crore (up 101.5%) |
(Sourced from Outlook Business)
Notably, cash reserves have roughly halved, from ₹1,395 crore in March 2024 to ₹653 crore in March 2025, and Moody’s downgraded ANI Technologies from B3 to Caa1 with a negative outlook in late 2025, citing weak operating cash flows and a looming covenant breach on a $65 million loan due in December 2026. (officechai) Despite the deteriorating financial picture, the company’s board has approved an IPO process and formally began preparatory steps in 2026. (Entrackr)
Ola vs Competitors
Ola competes with Uber, Rapido, and BluSmart in India’s ride-hailing market, and has been losing ground specifically to Prosus-backed Rapido, which expanded aggressively into the three- and four-wheeler segments. (IndiaIPO) That competitive pressure, combined with rising marketing spend to defend market share, has been a central driver of Ola’s steep FY25 revenue decline.
Key Takeaways
- Bhavish Aggarwal and Ankit Bhati founded Ola in December 2010, born from a frustrating taxi experience.
- Ola has raised over $4.74 billion to date, but its valuation has collapsed to roughly $70 million by some recent estimates, down from multi-billion-dollar private-market highs.
- FY25 consolidated revenue fell 42% to ₹1,170.9 crore, while losses more than doubled to ₹662.4 crore.
- Moody’s downgraded ANI Technologies’ credit rating in late 2025 amid liquidity concerns and a looming loan covenant risk.
- Despite the financial strain, Ola’s board has approved an IPO process, following Ola Electric’s 2024 public listing.
FAQs
Who founded Ola?
Bhavish Aggarwal and Ankit Bhati founded Ola (ANI Technologies) in December 2010.
Is Ola Cabs the same company as Ola Electric?
No, they are separate entities under Bhavish Aggarwal’s leadership; Ola Electric listed publicly in 2024, while Ola Consumer (formerly Ola Cabs) is a separate, still-private ride-hailing business preparing for its own IPO.
How much funding has Ola raised?
Over $4.74 billion to date, though its valuation has fallen sharply amid recent financial struggles.
Who are Ola’s competitors?
Uber, Rapido, and BluSmart in India’s ride-hailing market.
© The Founder Nation | Written by TFN Research Desk
