Ola is a popular choice for travelers to India - so popular in fact that they have up to 150,000+ bookings on a daily basis. The people behind Ola claim that OlaCabs now controls 60% of the market already. The main appeal of an app like OLA is that it is very simple to use. You simply visit its website at olacabs.com and specify which city it is you plan to use Ola transportation as well as whether you need to rent a car or prefer a cab. OlaCabs (the longer version of its name) operates in India - in fact, it used to focus mainly on the Mumbai market but has now branched out to cover 85 cities in India (as of 2014). The website offers over 200,000 vehicles for this service nowadays.
Like other car rental websites, Ola offers cab service at different rates so there are cabs for passengers on a budget and cabs for travelers who prefer to ride in style. What is unique about this is that Ola can be paid through Ola money which means the passenger can opt to pay with cash or with cashless payment. Many of the operators that offer these cab service options are rated by OlaCabs itself so that quality is sustained.
The team behind OlaCabs are aware that security is a major issue when it comes to the safety of their passengers. So on their website they offer a bounty when bugs in the system are brought to their attention. This means they are also safeguarding the Ola brand so that the public will keep trusting OlaCabs. However, there are still some weaknesses in their system that may need attention if OlaCabs is to sustain its growth momentum and retain the trust of the public. For example, the company's system has been breached on occasion by hackers who then claimed that they were able to secure certain customers' information such as financial information relating to use of debit cards and credit cards.
As far as development of an app similar to OlaCabs is concerned, investors funneled in $330,000 as of 2011. Then OlaCabs was able to generate more investments such as $5 million of Series A funding from Tiger Global Management, and $20 million from Tiger Global and Matrix Partners for Series B funding. About $41 million Series C funding was granted by Steadview Capital and Sequoia Capital as well as current investors. By October 2014, OlaCabs had also received Series D funding amounting to $210 million given by existing investors and SoftBank Internet and Media Inc..As a sign of a more aggressive financial strategy, OlaCabs also purchased TFS (the shortcut for TaxiForSure) with around $200 million this 2015.
When it comes to reliable taxi service, OlaCabs seems intent on controlling a lion's share of the market. So it is not farfetched to assume that investors will be eager to funnel more investments into OlaCabs in the near future.
So,if you want to provide reliable taxi service then develop an app like OLA which helps your customer to hire taxi easily and on time. We, Hyperlink InfoSystem, helps you in developing such apps on around $3500 to $10,000 per platform. Call us for more information!