Livemint: January 30, 2018
Bengaluru: Cab aggregator Ola is all set to expand into its first international market with plans to begin operations in Australia by early 2018, the company said in a statement on Tuesday.
Ola did not share details of an exact launch date but said that it is inviting private vehicle owners in Sydney, Melbourne and Perth to register with its cab booking platform. The company is yet to receive regulatory approvals from Australian authorities.
The Australian cab aggregator market already includes players like Uber, Australia-based cab haling company GoCatch and a new entrant named Taxify. GoCatch has raised $11 million, while Taxify has raised $2 million till date.
Ola will be one of the well-funded aggregators to enter Australia after Uber. Ola had raised $1.1 billion in funding from Tencent, SoftBank in October 2017, its largest funding round since 2015 when it raised $500 million.
Founded in 2011, Ola claims to have 125 million registered users in India and over 1 million driver partners across more than 110 cities. On an aggregate basis, the company claims to serve as many as a billion rides in India annually through its platform.
“We are very excited about launching Ola in Australia and see immense potential for the ride-sharing ecosystem which embraces new technology and innovation. With a strong focus on driver-partners and the community at large, we aim to create a high-quality and affordable travel experience for citizens and look forward to contributing to a healthy mobility ecosystem in Australia,” said Bhavish Aggarwal, chief executive officer of Ola, in a statement.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.