On October 13, 2024, the Central Consumer Protection Authority (CCPA) announced that Ola, a ride-hailing company, has been ordered to make improvements that will benefit customers. These modifications include giving refund alternatives and giving receipts for auto rides. Chief Commissioner Nidhi Khare of the CCPA noted that Ola’s no-questions-asked refund policy did not give customers the option to get bank account refunds; instead, it only offered coupon tickets for future rides.
The CCPA declared in a statement that “this practice violates consumer rights.” “Using this facility to take another ride is not an incentive for customers to use the company’s no-question-asked refund policy.”
The app displays the notice, “Customer invoice for auto rides will not be provided due to changes in Ola’s auto service T&Cs,” if a customer tries to view an invoice for an auto ride that they booked on Ola, according to the regulator.
As per CCPA, failing to provide a bill, invoice, or receipt for the products sold or services rendered qualifies as an “unfair trade practice” for the purposes of the Consumer Protection Act of 2019. It has instructed the taxi aggregator to provide its clients with bills.
Who is Central Consumer Protection Authority?
Established under the Consumer Protection Act, 2019, the CCPA went into effect on July 24, 2020, and is designed to regulate issues pertaining to consumer rights violations, unfair trade practices, and deceptive or false advertisements that harm consumers’ interests and those of the general public.
The CCPA maintains regional offices throughout India in addition to its headquarters in Delhi, the nation’s capital. A Chief Commissioner and other Commissioners chosen by the Central Government oversee the CCPA.
Ola Aligning Itself with CCA
In accordance with the Consumer Protection Act of 2019, the regulator further ordered Ola to provide bills or invoices for every auto ride that was scheduled through its platform, referring to the lack of such evidence as an “unfair trade practice.”
Ola has made a number of changes in response to the CCPA’s intervention. These include posting the contact information of grievance and nodal officers on its website, making cancellation policies and fees obvious at the time of booking, expanding the list of options for reasons why a ride may be cancelled, and making the fare component breakdowns available to the public.
The addresses of the pickup and drop places were displayed to drivers, and the payment periods were adjusted to enable drivers to get paid quickly.
What Leads CCPA to Intervene?
From January to October 2024, the CCPA received 2,061 complaints against Ola. The most common concerns included overcharging, delays in refunds, and troubles with drivers.
“The Consumer Protection Act (CCPA) has demonstrated unwavering commitment to upholding Ola’s adherence to the legal framework designed to safeguard consumer rights by means of its regulatory intervention,” the regulator remarked.
This action is taken in response to the CCPA’s increased examination of digital platforms in order to safeguard consumer interests in the quickly expanding ride-hailing and e-commerce industries.
On Thursday, Ola co-founder and CEO Bhavish Aggarwal stated that India must establish its future on its own terms in order to dominate the technologies of the future, specifically mentioning artificial intelligence (AI).
At a press conference in Hosur, where new products were unveiled by Ola’s electric vehicle, cab, and artificial intelligence divisions, he predicted that the company would “simply end up becoming monthly active user farms for global companies” if current trends carry on.
Ola will soon open a battery manufacturing facility in Hosur in addition to its electric vehicle (EV) factory.
Krutrim, an artificial intelligence division of the Bengaluru-based business, plans to produce India’s first AI silicon chip by the year 2026. The likes of Intel, Nvidia, and AMD will be up against Ola if it succeeds. Not only that, but Amazon, Meta, Google, and Apple are all developing their own artificial intelligence CPUs.
Joining Hands with Global Majors
In order to construct the chips, Ola established strategic alliances with multinational powerhouses including ARM, a chip design firm, and Untether AI, an artificial intelligence firm based in Canada. A video message was played at the Hosur ceremony by ARM CEO Rene Haas, who expressed his joy at the partnership with Ola Krutrim.
The Bodhi AI chip, the Sarv general-purpose CPU, and the Ojas edge-computing CPU are all part of Krutrim’s first family of semiconductors. The creation of AI systems that are both quicker and more efficient is anticipated to be made possible by the AI chip.
As an additional resource for the developer community, Krutrim has introduced Krutrim Cloud, which offers general-purpose and AI capabilities along with a variety of AI services designed specifically for product development. Until Diwali, it has offered these data centre services—worth INR 100 crore—to developers and businesses at no cost.
Transferring the Name and Expanding Ola Cabs
Ola Consumer is the new name for Aggarwal’s initial ride-sharing company, Ola Cabs. Further cities will be added to the business’s reach.
For all ONDC vendors, including startups and SMEs, Ola Consumer is offering a free year of Krutrim Cloud. In addition, Krutrim Cloud will provide direct-to-consumer brands with free access for a year.
In a test program that ended this year, Ola Food & Grocery on ONDC exceeded 40,000 orders daily in Bengaluru.
A completely automated dark store the size of a shipping container was on display, and the business intends to produce these at large. According to Aggarwal, the containers have the capacity to process 7–10,000 orders every day. Any online store can utilise this for inventory management and shipping purposes. Bombay Shaving firm, ITC, and Marico are all partners in this, according to the firm.
These ready-made dark shopfronts could find a lot of success in India’s booming e-commerce market.
Ola Electric, headed by Bhavish Aggarwal, is speculated to conduct its highly anticipated initial public offering (IPO) as soon as the first two weeks of August.
An Indian electric two-wheeler supported by Japanese investor Softbank is reportedly aiming to raise $740 million through a mix of a new offering and an initial public offering (IPO), with a post-money valuation of $4.25 billion to $4.75 billion in mind, according to a media agency’s report.
SEBI’s Approval
Last month, the Securities and Exchange Board of India (SEBI) gave Ola Electric the green light to launch its INR 7,250-crore initial public offering (IPO). On December 22, 2023, the IPO’s draft red herring prospectus (DRHP) was sent to SEBI.
An offer for sale (OFS) of INR 1,750 crore and a fresh issue of INR 5,500 crore are expected to be part of the IPO, bringing the total to INR 7,250 crore. According to the DRHP, 95.19 million OFS shares were going to be sold by current shareholders. With the combined sales of 47.89 million shares, initial investors such as AlphaWave, Alpine, DIG Investment, Matrix, and others will contribute to founder Bhavish Aggarwal‘s 47.3 million share projection.
The goal of the public offering for the Bengaluru-based company is to reach a valuation of $6 billion. The initial public offering (IPO) will allow Ola Electric to launch the Ola Gigafactory initiative, which will produce electric vehicles, batteries, and other components with a large-scale production capacity of 100 GWh.
How This Move Will Change the Dynamics of the EV Sector?
With the potential to attract more investments and promote innovation, Ola Electric’s IPO might be a game-changer for the Indian EV market. More money will come into the electric vehicle market in India after the IPO, which is expected to attract a lot of interest from investors both at home and abroad. Greater investment has the potential to speed up R&D, which could lead to better electric vehicle (EV) infrastructure and technology.
The Indian EV market may see a rise in competition as a result of the IPO. Both long-standing businesses and young companies might step up their game to gain a larger slice of the market, which could lead to more innovation and cheaper prices for shoppers.
Pricing may become more affordable as a result of increased production-related benefits of scale and increased levels of competition. Because of this, a higher number of individuals would be able to explore electric scooters as a more accessible and practical alternative.
In a groundbreaking move, OLA Electric, the renowned electric vehicle (EV) manufacturer, is gearing up for its much-anticipated Initial Public Offering (IPO). This milestone event is poised to make history, representing the first IPO by an automaker in India in over two decades. The last instance dates back to 2003 when Maruti Suzuki (then Maruti Udyog) embarked on a similar venture.
In a recent triumph, OLA Electric secured a substantial Rs 3,200 crore in October of this year, employing a strategic mix of equity and debt. The majority of this funding is dedicated to accelerating the establishment of an EV manufacturing unit and a cutting-edge battery facility within its gigafactory situated in Tamil Nadu. This gigafactory, set to commence operations in early 2024, holds immense significance in OLA Electric’s overarching mission to contribute to the environmental cause by spearheading the decarbonization of the transportation sector.
The impending IPO, aiming to raise a formidable $700 million, has the potential to value OLA Electric between an impressive $7 billion and $8 billion. This valuation marks a notable leap from previous funding rounds, triggering a wave of scrutiny from market experts who are expressing concerns about the rapid surge in valuation.
One key aspect under the microscope is the imperative for OLA Electric to chart a clear path to profitability and sustained growth. The company faces the challenge of justifying a substantial $2–3 billion increase in valuation within a remarkably short span of two months. As OLA Electric prepares to file its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) in the coming days, the anticipation is palpable.
Market analysts are scrutinizing the critical factors contributing to this surge in valuation. The company is under pressure to present a comprehensive view of its trajectory, outlining a strategic roadmap that not only ensures profitability but also underscores its commitment to sustainable growth in the burgeoning EV market.
This IPO holds immense significance not only for OLA Electric but also for the broader landscape of the Indian automotive industry. As the company navigates this pivotal moment, stakeholders, investors, and industry enthusiasts await insights into OLA Electric’s financial strategy, growth prospects, and its role in shaping the future of electric mobility in India. The success of this IPO could set a precedent and pave the way for further innovations and investments in the electric vehicle sector, contributing to the nation’s broader environmental goals.
Bhavish Aggarwal, the founder of OLA Electric, unveiled ambitious plans during the company’s annual event on August 15 last year. The revelation included groundbreaking initiatives such as the development of a new indigenously produced lithium-ion battery, coupled with OLA’s visionary goal to position India as a global Electric Vehicle (EV) hub. This event also shed light on the eagerly awaited details of OLA’s upcoming electric car.
In the calendar year 2023 alone, OLA Electric achieved remarkable success by selling over 2.4 lakh vehicles, securing a substantial 35% market share. Looking ahead, the company is poised to further enhance its capabilities with the launch of a giga factory dedicated to lithium-ion cell manufacturing, scheduled to commence operations by February.
Financial Resilience and Stakeholder Structure
OLA Electric has exhibited financial resilience, demonstrating a noteworthy evolution in its gross margin. Progressing from a negative margin of -5.4% in FY22, the company achieved a positive 7.63% margin in FY23. As part of its strategic roadmap, OLA Electric aims to attain EBITDA profitability by FY25, targeting a commendable profit margin of 6.6%.
Bhavish Aggarwal commands a substantial 37% stake in the company. Other key stakeholders include industry giants like SoftBank at 23.6%, Tiger Global at 6.3%, ANI Technologies, OLA (each at 4.7%), Matrix Partners at 3.8%, and Alpha Wave Global at 3.6%.
Total Expenses of Ola Electric Mobility From Financial Year 2020 to 2022
Innovations Beyond Wheels: Krutrim AI and Future Prospects
Bhavish Aggarwal’s recent launch of Krutrim AI on December 15 positions OLA Electric at the forefront of innovation. Touted as India’s first full-stack AI, Krutrim AI emphasizes unique localization, supporting 20 Indian languages with over 2 trillion tokens. The model aspires to shape a culturally expressive future for India, driving an AI-first economy and challenging global paradigms.
Ambitious Targets and Market Dynamics
OLA Electric sets ambitious targets, planning to sell 9 lakh units in 2024-25 and further escalating to 2.3 million units in 2025-26, as per a Reuters report. These goals, although lower than earlier estimates, align with the evolving market dynamics and changing incentives.
OLA Electric’s strategic initiatives extend beyond two-wheelers, with plans to launch a giga factory for lithium-ion cells by February 2024. Additionally, the company contemplates introducing a 500km range electric car by late 2024, signaling its commitment to diversify its product portfolio. Notably, OLA is also in the testing phase for an autonomous vehicle, showcasing its commitment to cutting-edge technological advancements.
CEO Insights and the Sequential Roadmap
Bhavish Aggarwal’s grand vision for OLA Electric involves not just two-wheelers but an entire spectrum, including scooters, motorbikes, cars, and the fundamental cell platform. The sequential roadmap envisions the progression from scooters to motorbikes and eventually cars. Concurrently, the company remains focused on enhancing cell technology.
Aggarwal boldly stated that by the end of 2025, OLA Electric aims to make all two-wheelers in India electric. Acknowledging the ambitious nature of this goal, Aggarwal emphasized the need to develop the right products for India, ensuring cost-effectiveness and bringing supply chains into the country.
Navigating Challenges in a Competitive Landscape
While OLA Electric celebrates its successes, challenges loom on the horizon. Maintaining a market lead in the face of fierce competition from players like TVS, Bajaj, Hero, and Ather remains a critical objective. The company also grapples with the task of reducing losses post-subsidy reductions and addressing after-sales issues more effectively.
Strategic Delays and Market Expectations
To meet market expectations and justify its valuation, OLA Electric faces the challenge of demonstrating its ability to launch viable products across different segments. Recent hints from Aggarwal suggest a potential delay in the launch of OLA’s electric car until early 2025, aligning with the company’s strategic approach.
OLA Electric’s Dynamic Journey
OLA Electric’s journey is marked by innovation, strategic planning, and the pursuit of an ambitious vision. As the company navigates challenges and seeks to establish itself as a global EV hub, stakeholders, market analysts, and enthusiasts await the unfolding chapters in this dynamic narrative. The IPO, with its substantial valuation, sets the stage for OLA Electric’s continued growth and its pivotal role in shaping the future of electric mobility in India.
As said, “Success is not final and failure is not fatal”, Businesses nowadays have grown exponentially. Business organizations and their players ought to play by the rules while being ferocious at times whenever required. The willingness to take extraordinary chances assists them in achieving more than those who play safe.
With immediate actions, the need for getting immediate services is also dominating the market. With the introduction of on-demand businesses, the immediate supply of a service is expected.
Startups like Zomato, Ola, and Uber are dominating society due to their on-demand business model. But what is meant by an on-demand business model and how one can create their own print-on-demand business are shared below.
The on-demand business model has revolutionized the way businesses work. It has replaced the traditional business models (i.e., B2B, B2C, C2B, C2C) a lot quicker than predicted.
It is nowadays becoming the choice of customers, because the on-demand business model is focused on speedy deliveries, enhancing convenience for the sellers as well as the customers, accuracy in the services provided, and most important maintaining healthy competition through delivering quality goods and services.
This model may be defined as how businesses rely on various social media platforms or any other websites or applications to deliver their products and services to their end users.
It enables the users to get hassle-free access to the services provided by the business without getting into contact with a support professional or any staff to avail of the services, instead, the customer or user can do it themselves manually through any of the following means depending on the type of business.
For Example:
1. Ola and Uber use the application as their means to deliver their respective services to their end users. An individual can book a cab from their mobile phone and the cab service arrives at their doorstep instantly.
2. Flipkart, Myntra, and Amazon use applications as well as websites to deliver their services to their customers. Customers can buy products online through these portals and the products are delivered to them in no time.
3. Small-scale retailers as well as wholesale sellers use the Facebook marketplace and various other social media websites to advertise their products for sale.
Examples of On-Demand Services
On-demand Delivery Service
Examples of On-Demand Delivery Startups
It is a way of delivering the demands of the customers instantly to lure customers. These types of solutions are best suited for customers who want a quick, accessible, and simpler way of shopping for their needs. Most e-commerce platforms are reliable on this model to enhance their responsibility toward customer satisfaction.
On-demand Transportation Services
On-Demand Transportation Service Example
Transportation plays a great role in creating the demand for any product or service offered online. Let us suppose two companies are offering similar kinds of products, but the customer will be inclined towards the company that delivers the product faster than the other. Hence, transportation is a critical aspect of any business.
Another aspect of utilizing such types of business models is Uber and Ola. They have revolutionized the way taxi and cab facilities used to work in the market. Now an individual can book a book from their mobile phone with utmost transparency of the costs and avail of the service in no time.
The transparency of the cost has also enabled people from getting to struggle for bargaining the fare. All these factors combined have created a much more trouble-free experience for them altogether.
On-demand Food Services
On-Demand Food Services Example
If an individual is stuck in a situation where cooking food is not an option and traditional ways of cooking seem harmful to the environment, the on-demand food services are the saviors.
Some startups operate globally and are creating an environment where people do not have to struggle with hunger anymore and take out the time from their busy schedules to plan and go to a restaurant. Instead, order food online and it is delivered to your step.
The above graph shows the Estimated Revenue of an On Demand Service Industry in US Billion Dollars for three alternate years
This model has left a drastic impact on how businesses work. It has enabled businesses in understanding that getting access to deliver their services is a much more productive approach than ownership.
Earlier businesses used to work on the principle of ownership but nowadays things have revolutionized to the extent that customers prefer services that are quickly delivered to them or even available at their fingertips. With the increase in demand for such types of services, businesses must constantly struggle and keep on working on ways to improve their services to stay on top of the list for their customers.
For example, consider that a product is available on Flipkart, and it takes 5 days to get it delivered to the customer’s location. A similar product is available on Amazon, and it gets delivered within 1 or 2 days. Then the customer would prefer buying it from Amazon even if the product is a bit costlier than Flipkart.
The above example proves that Amazon is more efficient than Flipkart in delivering products to its end customers. This suggests that Flipkart, to retain its customers, must focus on improving its mechanism for the delivery of its products and services.
The on-demand business model has also increased competition in the market. With the help of this model, owning a business and running it smoothly is no more a hassle, from setting up the firm to developing a delivery mechanism, it is all very accessible and under budget.
Application of On-Demand Business Model to Sell Customized Products and Services
Working of an On-Demand Business Model
With the availability of millions of products and services online, customers do not prefer buying or using similar types of products. They are always in search of things that are unique in nature.
Hence, customized products and services play a great role in enhancing the experience of customers. While selling customized products, the business additionally drives-in customers’ loyalty by enhancing the satisfaction level of the customers.
Roadmap to this guide:
Choose what to sell
One of the most difficult tasks in selling customized products is to choose the most profitable items in the markets that are also in high demand. With the gradually changing needs and demands of the customers, it is difficult for a seller to choose what sort of item would be best to sustain the business.
These items must be evergreen, trending, and profitable at the same time. Businesses should focus on targeting a specific market in order to grab genuine customers rather the generalized ones.
For starters, ideas could be drawn from other leading websites already running in the market that could be their potential rivals. The on-demand business model would assist the business in this regard.
Choose the platform to offer customized products
The traditional ways of selling and marketing products are long gone. People have now learned that new ways such as the on-demand business model are a lot more effective in selling products. The core belief is to emphasize more accessibility than ownership.
Nobody wants to stand in queue and wait for a taxi, no one wants to wait for weeks to get their parcel, and no one wants to cook, when and if these services are just a click away. Every business nowadays wants to focus on developing applications or relying on e-commerce platforms for showcasing its products and services.
Incorporating mobile applications and websites into their business models is an essential and reliable option for businesses if they want to grow exponentially. On a similar note, selling customized products would be much more convenient if the above-mentioned means are utilized.
Choose the most effective delivery partner
It is very critical to find a popular and reliable partner to collaborate with to deliver products to their destination in a transparent, simple, quick, and trouble-free manner.
Automate the workflow
Automation in any work done is in high demand these days. People love to see tech around them. Working with AI-enabled services not only gives an extraordinary experience to the business as well as the end-users yet additionally enhances the productivity of the tasks.
AI-enabled services at warehouses enable the supervisor to manage the stocks efficiently and locate the vacant spaces that need to be refilled again with the stocks. AI-enabled tools that are managed by the backend helps in comprehending the categories of item that are high in demand.
By executing automation, businesses can undoubtedly get orders, characterize work processes and occupations, produce tickets, plan out works, oversee, and follow them, and get them finished for definite deliveries.
Tips for Marketing Customized Products More Effectively
Creating official pages across all the social media platforms and staying up to date with the trend. Sharing blogs regarding their products and services, news, or any sort of update regarding the business to keep the customers engaged with it.
Additional to the above point, being responsive to almost all the genuine comments of a customer over any post is critical to developing a healthy relationship between the customer and the firm. The website should be search engine optimized to gain traffic.
Collaborate with big e-commerce platforms to increase the awareness of the brands. Paid marketing campaigns are also a good strategy to gain popularity in less span of time.
Become more competitive while also showcasing the uniqueness of your product as compared to the competitor’s products. Identifying the target audience and making up the marketing plans accordingly also helps in effectively increasing the marketing of customized products. Keep refining the plan from time to time and induce necessary changes required with respect to time.
Conclusion
On-demand business is one that works to provide services to its customers as per their needs. There are many types of on-demand businesses seen in common places. One of the best examples of an on-demand business is the ride-sharing business “Ola”.
The on-demand business works with the minimum possible time to complete the consumer’s needs. Hence, the business model of on-demand services also needs to be planned accordingly. The above article contains a guide on how to get started with customized products selling on-demand business models and other relevant information.
FAQs
What is customized selling?
Customized selling is an option preferred by manufacturers where a selling style is coordinated with customers’ selling patterns as well as the requirement of the situation.
What is personalized print on demand?
Print-on-demand is a process where a manufacturer complies with the customer to print white-label products with the selected brand design.
What is an on-demand business model?
The on-demand business model comprises the fact that the essential things are delivered to the customers at the most appropriate time of their need. It works on the basic principle of three factors speed, accessibility, and convenience.
What are some examples of on-demand companies?
Some of the best on-demand companies are Uber, Airbnb, Upwork, etc.
The world is evolving at a fast pace, right from climate change to pollution and everything in between — things are moving fast towards a more sustainable and economical future that is built upon the grounds of frugal innovation and so is India’s push towards sustainable use of resources and development.
The EV industry is on the verge of major leaps forward and this is when Ola & Bounce, two of the promising names in the sector are up for a ‘neck-to-neck’ tussle to the top. But who would actually be able to have the upper hand in building the future of automotive? Let’s find out.
Ola Electric — The Founder’s Ambitious Dream Ft. Mark Zuckerberg
No click baits. Bhavish Aggarwal & Mark Zuckerberg may be the two immensely popular CEOs with completely different products in two distant time zones, but they still have a striking similarity i.e., putting in their everything for a vision they have for themselves and the company.
What Mark Zuckerberg is doing with Meta is something that all of us already know, and Bhavish too — seems to be in that zone, where he thinks and believes that Ola’s future lies in the automotive sector and that is what the company wants to be known for, and not just another cab-hailing company.
In fact, when Ola Electric began in 2019 — many perceived it as a side gig for the cab-hailing unicorn, but the recent developments have pivoted Ola Electric as Ola’s flagship product.
From Urban Mobility to Everything Electric: Decoding the Functioning of Ola and the EV Dream
Ola Electric Tweet
Ola, which was among the first movers to launch last-mile mobility solutions in the country, grabbed eyeballs for all the right reasons. A track record where they were able to keep Uber on check to establish a duopoly in the last mile mobility landscape.
Thus, it was no surprise when the company announced its plans to expand into other verticals, but things changed. Out of all the categories, Bhavish and team vesting into the EV sector and that too with an in-house production unit came as a surprise to many.
But then, the reveal and the marketing on top of it successfully created that much-needed buzz in the automotive industry and among EV enthusiasts, who were eagerly waiting to discover what lay ahead.
Ola launched the S1 and the S1 Pro — two of their flagship electric two-wheelers that could cover the maximum distance of 180+ km on a single charge, a debatable claim that felt hard to achieve in real life. They were priced at a premium, significantly more than what their competition was charging for their EVs.
Ola was clear about its stance, and that was to position its offerings on the basis of quality and not price. With an exclusive invite-only system, Ola aimed at gaining enough momentum and buzz before a full-fledged launch.
However, the move didn’t reap enough rewards for the aggregator and it was more of a hit-and-miss. What followed was a pivot in the way the company went about its marketing endeavors. Ola went in with the pre-booking strategy, where users could book the vehicles for a token amount of ₹499, paying ₹20,000 on confirmation and the remaining at the time of delivery.
The small token for pre-booking went well with the customers, as they were a bit overwhelmed with the considerable price tag for the vehicle, despite all the features it comes with.
Reduce the premium price tag, that Ola deemed as ‘affordable’ and the company had cracked the code for a winning product that could redefine the company mission and scale in the times to come.
However, as we already mentioned — the high penetrating price was going to be an issue not because the price was too high — but because of the skeptical nature of the average Indian customer.
The users have expressed concerns about the EV industry overall, with a question mark upon the ability of EV manufacturers to get it right with their money and adhere to the safety norms.
Enters Bounce — A Fresh Twist in the EV Saga
First things first. Bounce was meant to be taken seriously, not because of the product but its sheer habit of solving complex problems differently, simplifying them for the end user.
Bounce started off as a bike sharing and self ‘PuDro’ mobility company Is known for this same appetite to solve mobility once and for all, by giving users the leverage to pick up and drop off their vehicle at the nearest bounce dockyards, at their own convenience.
The team and the idea of ‘Bounce’ were already bagging positive reception and that is when the company announced its focus on EVs and teased its first entry-level vehicle ‘Infinity’ for the daily commuter.
When a company that scaled to 100000 rides per day by just focusing on a couple of cities, announces something — we tend to get curious. Isn’t it? This was no different. Bounce’s announcement of the EV made one thing clear i.e V. Hallekere and the team have something cooking in their heads and the R & D labs.
Give Me the Liberty, and Take My Money — Understanding Bounce’s Strategy and the Indian Consumer
Bounce Battery Swapping Strategy
The founders were aware that they were competing with someone like Ola and Ather who have the luxury of a vast distribution network. Competing with them on the distribution front may not be a good idea and Bounce’s pricing for their entry-level scooter further justified their understanding of the Indian market.
Bounce’s entry-level scooter which is available at a price of ₹36,000 without the battery (apple folks crying in the corner) is about giving the liberty back to the customer, by giving them the option to pick what they want.
Bounce’s swappable battery feature across the network made the cost of owning a two-wheeler EV significantly cheaper, and the Bengaluru-based company surely deserves some brownie points for the move.
“The public transport in India is not like it is across the globe. For instance, there are 6,000 buses for over three million people in Bengaluru, alone. Public transport was thus overcrowded, and the number of people dependent on it was high. The biggest question is how you get these people to move,” Bounce’s Vivekananda H, Co-founder and CEO, tells YourStory.
The Pain — The One Who Solves It Faster, Wins
EV acceptance in India can’t be just dependent upon one or two companies. Rather, it has to be a combination of various factors, permutations, and combinations — and a lot of that has to do with the quality of the product and the price point.
For Ola, the pre-orders became a curse as they have failed to deliver upon orders and promised features, something that they have assured to fix in future updates.
The fire outbreaks in the vehicles, poorly built, and lack of safety — a lot of which is being deemed as the result of rushed manufacturing and cost cutting, can become deal breakers for customers who are looking to switch to a reliable EV.
Ola Fire Incidents
On the other hand, pricing and delivery are some of the major pain points that will determine the potential winner in the long run — as the price, distribution, and infrastructure still continue to be the biggest pain points when consumers look to switch to a new piece of technology.
Where Ola sells the EVs through its own app, Bounce has tied up with the homegrown marketplace, Flipkart to sell its EVs and make them accessible to customers. With the rise in fuel costs, impending recession, layoffs, and escalating inflation — affordability has become the need of the hour for customers.
However, this has also created chaos among the EV and OEM manufacturers as the ‘risk’ involved with the utility of a technology or an EV-like industry, await the tests of time and it is not something that the average Indian customer will be assured about, from day 01.
How companies can actually win it, is via a systematic funnel right from marketing to after-sales support. When customers switch to something new, they aren’t buying the product or the functionality — they are buying the hope and the change that it promises.
The graph shows the sales volume of electric two wheelers for the fiscal year 2016-2021
Conclusion
As they say, never judge the conclusion by the beginning — and rightly so, we feel that it is too early to decide upon a winner in the vastly interesting and highly competitive urban mobility landscape.
Companies like Ather, Bounce & Ola are constantly pushing their limits and redefining the way India perceives EVs, but then it is too early to say anything. When you take that giant leap forward, there are chances that you will stumble here and there, and you may fall too — but that is what startups are all about.
They’re not afraid to fall because they are not afraid to fail and that is what makes all the difference. Ola and Bounce are here to stay, but who’ll stay relevant in the long run? Well, that is the story for another ‘What if’!
FAQs
Who is the CEO of the Bounce?
Vivekananda Hallekere is the CEO of Bounce.
Which is the best EV scooter?
Some of the best EV scooters are Nami Burn-E 2 Max Electric Scooter, Dualtron Thunder Best Premium Electric Scooter, Kaabo Mantis Pro Best Electric Scooter, etc.
Do Bounce electric needs a license?
As per ARAI, any electric bike traveling at more than 25 kmph with motor power exceeding 250W needs a license for its use. And under the same criteria, Bounce electric also requires a license as it can travel much faster than 25 kmph.
Is Bounce an Indian company?
Yes, Bounce is an Indian company based in Bangalore, Karnataka.
Just because of valuation, startups often take the limelight as unicorns even when they are losing hefty amounts of money. This may seem strange, but older businesses are not regarded as strongly as startups, and in most cases, these existing businesses are valued well below their genuine value.
Every day, businesses of every kind face an unpredicted plethora of threats. It is important to recognize that losses can be either caused by temporary (short-term or medium-term) or some continuous long-term issues.
Number of Funding Deals for Startups Across India from 2015 to 2022
Unicorns in India, or companies valued at $1 billion or more, are contradicting the traditional wisdom that valuations are based on future earnings. As their losses mount, private investors are compensating them with progressively greater values. While lots of businesses continue to lose money quarter after quarter, a select handful achieves enormous success and become national brands. The trick, of course, is determining which of these businesses will make the transition to profitability and blue-chip position.
Valuing a loss-making business can be a difficult task. A business with negative earnings or incredibly low earnings is considerably more difficult to appraise than one with positive earnings. In reality, rather than basic assessments, loss-making enterprises are valued primarily on hopes.
In this article, we are going to discuss why we see that startups with the most valuation have the least profit.
In simple words, startup valuation is the way of assessing a firm’s value, or valuation. An individual investor in a startup trades for a portion of the company’s stock during the seed fundraising round. This is why valuation is crucial for entrepreneurs since it allows them to determine how much ownership they must provide a seed investor in return for their financing. It’s also crucial for an investor, who needs to know how much of the company’s stock they will get in exchange for the money they put in during the early stages. As a result, startup valuation can be a deal-maker or a deal-breaker, which is why it does not include any speculation based on the valuation of other comparable businesses.
Furthermore, before assessing a firm’s real worth, creators must have a thorough understanding of how the entire startup valuation process works. If there is little to no revenue-generating, founders tend to quote an excessively high amount to investors to raise seed funding, so the expectations will be rather high. However, if a firm is unable to fulfill the lofty targets, it may have to secure funding at a reduced valuation in the next round.
This could backfire in the long term, and the startup or entrepreneur may have a difficult time persuading other seed financiers or companies to finance them. In contrast, if the business quotes are too low, it may wind up offering investors a larger portion of the company’s equity, which will be a negative factor.
Startups are not anxious about their losses or lack of profit-making capacity. Instead of focusing on this, they continue to advertise their long-term vision of expected profit generation. Founders of such startups tend to showcase their different techniques, technologies, and solutions to attract investors. They are good at storytelling and selling.
Investors get inspired by the founders and their exclusive pitch and make startup investment risks with the hope of gaining profits in the future. Here, both the startups and the investors work based on future assumptions. The hope remains on the fact that the startup would be able to kill its competition and create its market. But when reality hits and things do not go as per the plans, these startups with high valuations (because of the huge investments) start going low on profit-making.
It is the brand name and its worth that attracts investors to invest, taking the valuation of a startup to another level. For example- Groww (an investing platform), even with the least profits, raised a funding round in October 2021, which skyrocketed its valuation to $3 billion. However, Zerodha (financial services company), one of its biggest competitors, is highly profitable yet its valuation stands lower than Groww.
According to Kunal Shah (CEO of CRED), “Unicorn tag, high valuation are all vanity metrics till the company delivers profits”.
The discounted cash flow is the explanation for this unusual valuation. The discounted cash technique is used to value and evaluate the worth of the startups. When valuing a company, the discounted cash flow technique is used to forecast cash flow as well as the anticipated rate of return on investment. Businesses that are inevitably destined to fail in terms of income flow generation are given a higher discount rate.
Such startups simply continue to be overvalued by executing a couple more spectacular funding rounds. After which the investors understand or anticipate that they’re not going to be successful after analyzing the stats and other relevant information and pulling any additional funding. These businesses will likely close or downsize their operations, leading to widespread job losses and a repeat of the 2008 financial crisis unless they figure up some sort of magical formula.
Cases of High Valuation Low-Profit Startups
Zomato
The revenue of Zomato has soared by a significant percentage year over year, and losses have also risen by a substantial proportion. However, when you look at the overall picture, Zomato is present in 24 countries, including India. Furthermore, it has a monopoly in Restaurant Search in India, despite the presence of competitors making it more likely to succeed. Advertisements, classifieds, internet shopping, and consulting are further sources of its revenue.
Revenue and Loss of Zomato from FY 2018 to FY 2022
In FY22, Zomato recorded a revenue of $505.76 million, whereas its loss stood at $145.92 million. As a result, instead of seeing losses as a determining factor in funding, we perceive its brand value.
Flipkart
Although this is one of the most difficult startups to evaluate, the basics stay the same. Flipkart is attempting to instill in Indians the habit of shopping online. This is also being funded by investors. Online retail sales in India currently account for only 1% of total retail sales. If it were to rise to even 7-8% (as it is in the United States), E-tailer revenues in India would soar by a significant percentage. This is the expectation of investors.
In FY22, Flipkart India’s revenue reached $6.034 billion, and losses widened by 40% to $410.75 million.
Ola/Uber
We usually went down, asked for multiple buses and taxis, and got refused by a majority of them when there was no Ola/Uber. But, thanks to Ola, we can now book a cab from the comfort of our own homes or offices and only get out when they arrive. It has made our lives more convenient with the added benefits of being cashless and air-conditioned. As a result, we have developed a strong trust and habit in them, which is exactly what they desire.
Revenue and Loss of Ola Cabs from FY 2017 to FY 2021
In FY21, Ola Cabs’s revenue was $125.41 million, and its loss was $101.27 million.
These are some of the names that stand in full pride with huge valuations as they have gained the trust of investors as well as the masses but at the same time continue to make lesser profits.
Conclusion
A startup’s worth is based on its potential to generate future cash flows, how much potential it has for future aspects, and keeping other essential factors constant. Apart from revenue generation, job generation statistics also matter. Investors believe that the startup they are investing in will grow to be a giant one day and that they will be able to make a profit of nearly ten times their initial investment. This risk allows them to stay competitive and keeps them in the play. Therefore, when valuing or comprehending startups, their prospects are perceived rather than the losses.
FAQs
What is startup valuation?
It is the process of evaluating a company’s worth in the market based on different factors like profit-making capacity, growth potential, market conditions, etc.
What are startup valuation methods?
Popular methods include:
Berkus Approach
Market Multiple Approach
Risk Factor Summation Approach
Which is the highest-valued company in India in 2022?
Reliance Industries is the highest-valued company in India in 2022 with a $202 billion valuation, followed by Tata Consultancy Services ($139 Bn) and HDFC Bank ($97 Bn).
Are all Indian unicorn startups profitable?
Only 23 out of 100 Indian unicorn startups are profitable. These include Mamaearth, Lenskart, Nykaa, Zerodha, etc.
India’s mobility tech sector, while unorganised, has seen unprecedented growth in the last decade. This is largely due to inadequate public transport infrastructure and an increasing demand for convenience and affordability.
In the coming years, the shared mobility sector is set to witness greater democratisation and reach nearly 15 crore users by 2025. With a deeper penetration into non-metro cities, the economy will receive a boost by creating a viable revenue-generating opportunity for more than 3 million drivers across various platforms.
With year-on-year growth, the Indian market has evolved to add more categories. The Indian mobility market is growing in line with the global trend. However, there is some localisation like rapid traction for two-wheelers and three-wheelers as well.
Post the Covid-19 pandemic, bikes and autos have seen rapid traction and are gaining share quickly within the wider market.
Aravind Sanka was on the verge of closing his local startup ‘theKarrier’, frustrated with the increasing traffic and cost. It was his two friends, Pavan and Rishikesh who came up with the suggestion of using two-wheelers as a way to work around the Bangalore city traffic issue. This idea prompted them to study consumer behaviour within the city and Rapido was conceived.
In 2015, Pavan Guntupalli, Rishikesh SR and Aravind Sanka founded Rapido, an online bike taxi aggregator. Based in Bangalore, its fundamental and operational ideology was to create something unique and distinct from Ola and Uber. The aggregator particularly focused on hiring drivers possessing two-wheelers and allowed them to register and verify the information with the company.
Rapido understood the issues and problems posed due to increasing traffic. Time and cost would eventually increase for the customers. This insight allowed them to strategize and plan for successful motorcycle rides. Their slogan ‘Ride Solo’ amplifies their ideology of offering services that are dependable, convenient and economical. Their stipulation for their captain’s two wheeler-vehicles not being any older than 2010 showcases their care for safety.
Within the first month of launching Rapido, it received more than 10,000 downloads and gained popularity quickly. However, Ola and Uber saw the rising popularity and launched their own services within the two-wheeler market as well. This proved to be a huge challenge for Rapido, as the market giants were cash rich and could very well outrun Rapido by undercutting their rides by a huge margin.
Rapido’s funds were depleting and this prompted Aravind to pitch to investors. However, investors were wary about Rapido’s sustainability in view of Ola and Uber’s strong grasp on the market. By 2016, Rapido’s future was bleak and it was on the verge of closing its doors.
The Revival and Growth of Rapido
Indian Bike Taxi Market Forecast (2021-2030)
The CEO of Hero Honda Motor Corporation, Pawan Munjal realised the potential for the success of Rapido. He not only invested in Rapido but helped them strategize their growth plan and the road to reach it.
While Ola and Uber were strong in urban, metropolitan cities, they were less focused on tier 2 and tier 3 cities. This is where Rapido turned their focus. They built a local ecosystem that was in line with the needs of tier 2 and tier 3 cities. They built a two-pronged approach:
Provide bike rides to daily commuters with no vehicles.
Provide riders to commuters with bikes and help build a secondary income model.
This brilliant strategy took quick roots allowing Rapido to strengthen its presence and grow its market share.
Rapido’s Monitoring and Support Systems
Their Rider Motoring System (RMS) tracks all their rides including ensuring the riders possess all necessary documentation, their behaviour with customers and their adherence to speed limits. Their riders who have clocked the most number of rides are regularly rewarded. This keeps their motivation high to provide consistent and best services to customers. Where Rapido excels is in a concentrated feedback loop. Their network is smaller than Ola and Uber but is more focused on providing better services.
Rapido’s business model is similar to Ola and Uber. In some cases, Ola and Uber are far more advanced, technologically. In a scenario like this, Rapido has not only maintained a profitable business model but built it to sustain itself. Their operational ease and robust support systems for their drivers are what makes the company a preferred place of work.
Rapido built and maintained its reward structure for its drivers. This builds trust among its drivers and keeps the momentum high for servicing its customers. Unlike Ola and Uber, which had announced a reward system for their drivers but they have not kept it updated.
Rapido’s withdrawal system is friendly to drivers, allowing them to withdraw their earnings on a weekly or even daily basis, as required. This is too, unlike Ola and Uber, which have an inflexible accounting system.
Conclusion
What Rapido has done is not so far out of imagination. They have merely taken a different and less populous route to success. Their journey is a classic example of simply going through a window when the door closes.
Their keen observation allowed them to spot the existing opportunity and then grab it with both hands. What does their ideology teach? Concentrate on what is personal strength and build on it.
FAQs
How did Rapido fought Ola and Uber?
While Ola and Uber were strong in urban metropolitan cities, they were less focused on tier 2 and tier 3 cities. So, Rapido built a local ecosystem that was in line with the needs of tier 2 and tier 3 cities. Rapido understood the issues people faced due to traffic and this allowed them to strategize and plan for successful motorcycle rides.
Which is cheapest bike ride app?
Some of the cheapest bike ride apps are:
Rapido Bike Taxi
Ola Bikes
UberMoto
Mopedo Bike Taxi
How much does 1 km of Rapido cost?
Rapido charges ₹35 for 2 km as a base price. After the 2 km distance, it charges ₹15 per km.
Ola is a Bengaluru-based ride-sharing company that only a few people are ignorant of. Ever since Ola cabs became operational in all the major cities throughout India, it has become our go-to option. Along with the US-based Uber, Ola is one of the most dominating ride-sharing companies that offers the users a wide range of vehicles and renting options to choose from!
India’s leading mobility platform, Ola has been operating since 2010, when it was founded and has already streamlined its ride-booking and car renting service and its different modes throughout these years with a focus on its users to add to its growth.
Now, Ola has also chosen to empower sustainable development and therefore, came up with its unique concept of “e-scooters” or what we term as “electric scooters”. With Ankit Jain, Anand Shah, Bhavish Aggarwal, and Ankit Bhati as Co-founders, Ola Electric was founded in 2017 and is set to conquer the world with its unique electric vehicles. However, except for Bhavish Aggarwal, everyone else has stepped down from being Co-founders and has also exited the firm eventually. The Founder and CEO of Ola, is also the CEO of Ola Electric, along with being its Founder.
If you have already heard about them and are curious to learn everything about electric scooters, then you can keep this article handy because here we bring you all that you would like to know about these vehicles, including Ola electric scooter booking, Ola E-vehicle price, Ola Electric scooter price Bangalore, Ola Electric scooter range, Ola Electric scooter specifications, Ola charging scooter, Ola Electric scooter helmet and more.
Why Ola Electric Scooter is much like a “Revolution on two wheels”?
Yes, coming up with Ola electric scooters will certainly help people lose track of the rising costs of fossil fuels and all the morbid thoughts about the exhaustion of our fossil fuel reserves and their likes.
Ola electric is certainly a revolutionary idea and even its tagline says so. The tagline for Ola electric scooter says, “Ready or not, a revolution is coming” along with a motivating hashtag #JoinTheRevolution.
Here are the 3 key features that the Ola Electric scooter boasts of:
Big on Acceleration – The Ola electric scooters would be furnished with acceleration to envy and will allow the users to stay ahead on the road.
High on handling – Along with providing a remarkable acceleration, these bikes are also slick and promise exceptional handling on any surface.
Larger boot space – Ola Electric vehicles also come with a large boot space that is capable of storing two helmets and more important things you would need along the ride.
Ola Electric – Birth of the Entity
Ola has announced that its electricity-powered scooter manufacturing company would be different from its ride-sharing wing. They are two different lines of businesses under ANI Technologies where the former will continue to be a ride-hailing business whereas the latter would be associated with the manufacturing and selling of electric scooters.
Ola Electric Scooters – Built, Colour Variants, Specifications, and Charging
Ola has disclosed that their electric scooters will be made available in 2 versions – the Ola Series S – Ola S1, and the top-of-the-line Ola S1 Pro. The company has already launched S1 and S1 Pro scooters with prices starting from Rs 99,999 and Rs 1,29,999, respectively.
Ola electric acquired Etergo BV back in 2020 and announced that the Ola electric scooter is based on the Etergo Appscooter. The company has already adopted the platform of Etergo to be used in India in order to deliver better performance.
Etergo Appscooter
Looking at the Ola Electric scooter specifications, it is great to announce that the Ola electric scooters paces on 12-inch black alloy wheels. Talking about the design of the vehicles, they are clean and sleek in appearance and devoid of any other redundancies. The Ola e-scooters also feature a twin-pod LED headlamp that has an LED strip running around it.
Ola electric scooter
Furthermore, these also have single-sided telescopic front suspensions and their rear shock absorbers are mounted horizontally, with the disc brakes slotted front and in the rear. The pillion footpegs of the scooter fold flush into the bodywork of the vehicles, and at the back, there are chunky pillion grab handles, ending in clear-lens tail-lights.
These scooters are also claimed to be launched with the largest boot space ever, which are capable of accommodating two half-face helmets and still have space for packing in more.
Ola Electric Scooter boot space
As per the batteries, Ola bikes’ batteries are not swappable types. It will rather run on a standard charging system. The Ola S1 Pro charging time, when charged at home is 6 hours and 30 minutes, while the Ola S1 will be fully charged at home in about 4 hours and 48 minutes.
Ola electric scooter’s riding range for the S1 model is 121 km and for its S1 Pro model, it is around 181 km per charge. The latter also includes the Hyper Mode, which is not present in the former model. However, as per the reports in December 2021, the Ola S1 Pro will have a range of 135 km at full charge, which is the true range of these scooters. The earlier mentioned range by the mobility giant was clarified as the range of the E-scooters only on test conditions.
Ola’s electric scooters are reportedly equipped with a 7.0-inch TFT colour display that will feature in-built navigation, onboard diagnostics, and other infotainment functions, and will be powered by an Android operating system.
Matte black, matte pink, and matte sky blue were some of the colour options that were disclosed by Ola initially. However, currently, the S1 Pro model comes in 10 different colours, which are:
Midnight Blue
Matt Black
Millenial Pink
Liquid Silver
Anthracite Grey
Porcelain White
Neo Mint
Marshmallow
Jet Black
Coral Glam,
On the other hand, the S1 model of Ola Electric scooters comes in 5 colours – Porcelain White, Midnight Blue, Coral Glam, Jet Black, and Marshmallow.
The owners of Ola Electric vehicles will be able to charge their scooters using a standard 5A socket by using the portable 750 W charger that comes with the Ola Electric scooter. Furthermore, you can also charge it at one of its ‘Hypercharger’ charging stations. The company has already announced that it will make the stations live for charging scooters in over 100 cities initially, which will eventually cover over 400 cities.
The first Ola Electric Hypercharger was launched on October 25, 2021, ahead of the planned test drives of the Ola electric vehicles scheduled for November 10, 2021. The S1 test rides of the vehicles have already started, and have received an encouraging response from all across the country, as per the reports of November 20, 2021. Furthermore, after witnessing the overwhelming response that Ola S1 scooters have received, Bhavish Aggarwal, Co-founder and CEO of Ola, has decided to extend the test rides to over 1000 cities by December 15, 2021.
Amazed and proud to see the strong response to our S1 test rides! Thousands of you have tried & loved it! We’re now expanding test rides to 1000+ cities across India by Dec 15. This is the largest direct to consumer outreach in Indian automotive history! #JoinTheRevolutionpic.twitter.com/ErxXkflQzO
Ola Electric has invested in StoreDot and thereby partnered with the Israel-based company that works on batteries to develop them for drones and electric vehicles and replace the lithium-ion component in the batteries. With this partnership, Ola Electric plans to equip its EVs with extremely fast-charging batteries that will be charged from 0-100% in just 5 minutes. The EV giant also happens to eye towards foraying into the battery-making space in India soon. Here goes the latest tweet from Ola Chief on March 21, 2022, when he spoke on the same:
We’re investing big into future cell tech. Excited to announce a strategic partnership with StoreDot of Israel. Will be working together to soon bring to market and manufacture its pioneering extreme fast charging cell tech, capable of charging 0-100% in 5 mins in India. (1/2)
The electric vehicles of Ola are currently manufactured in its electric scooter factory in Tamil Nadu, which has a capacity of producing 2 million vehicles annually and the numbers will rise to 10 million by the end of 2022.
Yes, Ola Electric is in process of building its factory, OLA FutureFactory in Tamil Nadu, which will cover an area of around 500 acres. Having 100 acres of forest cover, 2 acres of forest inside, and with negative carbon footprint, Ola FutureFactory is hailed as the world’s most sustainable two-wheeler factory.
The Ola factory boasts a production capacity of 10 million units per year and will operate with the help of over 3000+ AI-powered robots that will have precision robot welding, an advanced automotive paint shop, 100% in-house battery manufacturing, and more. The FutureFactory of Ola will assemble 25000+ motors per day, which will make it the world’s most advanced two-wheeler factory.
The Ola FutureFactory that is set up at Krishnagiri, Tamil Nadu, is believed to be the world’s largest 2-wheeler factory that is planned with the facilities to roll out 1 vehicle every 2 seconds. Phase 1 of the plant is nearly complete. The FutureFactory of Ola celebrated 1 year of its production facility on February 10, 2022.
Exactly a year ago we bought the Futurefactory land and did bhumi pujan. Yesterday we celebrated the foundation day with 2000 women.
Saluting the Girl power at the Futurefactory who showed what it takes to start a revolution. Inspired by their energy and enthusiasm! pic.twitter.com/o9CtkiP4ew
One of the most unique aspects of this FutureFactory is that the Ola factory’s workforce only consists of women, which is the first of such initiatives in the history of Indian automobiles. When it celebrated its 1 year of existence, the Ola FutureFactory had 2000+ women employed, which has a capacity of employing 10,000+ women. This initiative of Ola furthers the possibilities for women leading industries by a step.
Ola might install a solar rooftop to power its factory and cut down on the electricity bills.
What is the price of Ola Electric Scooters?
The website of the Indian multinational ride-sharing company initially declared that the Ola e-scooters would be competitively priced. According to sources close to Ola, these scooters were expected to be priced around Rs 1 lakh mark.
The prices, as unveiled, later on, are tagged at Rs 99,999 and 1,29,999 for S1 and S1 Pro models respectively. At this price segment, these vehicles will compete with the likes of the Bajaj e-Chetak, Ather 450X, and TVS iQube.
Here’s looking at the current prices as per the Ola Electric website:
Ex Showroom Prices in India
Ola S1
Ola S1 Pro
Gujarat
INR 79,999
INR 1,09,999
Delhi
INR 85, 099
INR 1,10,149
Rajasthan
INR 89,968
INR 1,19,138
Maharashtra
INR 94,999
INR 1,24,999
Other Indian States
INR 99,999
INR 1,29,999
Now, as we see, the Ola E vehicle price varies from state to state where Gujarat is apparently having them at the least available ex-showroom prices. Apart from the mentioned states, all other states like Karnataka, West Bengal, Bihar, Andhra Pradesh and more will have their Ola vehicles with starting prices of INR 99,999. Now, if you are looking for Ola electric scooter price in Bangalore, then it would also be starting from INR 99,999.
If you are eager to learn about OLA Electric bike booking and purchase one of such vehicles, then you don’t have to worry anymore because here are some easy steps that will help you with the Ola scooter booking without any hassles. Here’s answering “how to book an OLA scooter online?” with some easy-to-follow steps:
First, you need to visit the official website of Ola electric: www.olaelectric.com and then click/tap on the ‘Reserve for Rs 499’ button, which appears at the top-right corner of your screen.
Now, you need to enter your mobile number, click on the captcha verification box to verify the same, and then click/tap on the Next option.
You will then receive an OTP on your mobile number, which you will need to type in and then click/tap on the Next option.
Then you will get a dialogue box that says ‘Total Payable – Rs 499’ and will offer 3 payment options – Debit/Credit card, UPI, and Netbanking.
After that, you need to choose your preferred payment option, after which you will be redirected to the payment gateway.
After making the payment you will see the final screen, which will confirm your Ola booking by saying “Congrats, you are now part of the revolution.”
As soon as you have completed making the payment, you will receive the order ID and other details via SMS or email to the mobile number and the email address provided.
Ola Electric – Founders and Team
Ola Electric had earlier listed Ankit Jain, Anand Shah, Bhavish Aggarwal, and Ankit Bhati as Founders, but later on, everyone else left the company, making Bhavish Aggarwal, the sole Founder of the company, as of May 12, 2022. Anand Shah was the first founder to leave the company, Ola Electric in 2019. This resignation was followed by Ankit Jain, one of the closest confidantes of Bhavish. Jain left the company in August 2020. Ankit Bhati also left the company in 2020.
Bhavish Aggarwal
Bhavish Aggarwal – Founder and CEO of Ola Electric
Bhavish Aggarwal is the brain behind Ola Electric and Ola, who founded Ola Electric with the other founders. The Co-founder and CEO of Ola and Ola Electric is a B.Tech engineer from IIT Bombay and has been a Research Intern and an Assistant Researcher at Microsoft before he founded Ola.
Ola has already roped in Wayne Burgess, a Jaguar design veteran who also served as the Design Director of Jaguar Production and SVO Vehicles, and plans to make their vehicles big on design, bringing in the global appeal to the vehicles.
Wayne Burgess
Besides, Ola is also planning to launch an indigenously built car in order to foray into the electric four-wheeler industry, which will also get a major boost in its design with Burgess leading their team as the VP of Design. The Ola electric cars are expected to be launched in the next 2-3 years and would be produced in a new Ola 4W factory, which will be a new factory that is yet to be built. The Ola Electric Futurefactory would only stay for 2-wheelers. According to the latest update by Ola chief Bhavish Aggarwal, the Ola electric 4-wheeler would be the sportiest car ever built in India. The 4W factory of Ola would need an additional 1,000 acres of land for its 4-wheeler factory and its proposed gigafactory, which will manufacture cells for both its 2-wheelers and 4-wheeler vehicles.
Funding received by Ola Electric Mobility
Ola Electric Mobility, the subsidiary of Ola responsible for manufacturing Ola Electric scooters, has raised a total funding of $1.5 billion to date over 12 funding rounds and is powered by 21 investors in total. The last Ola Electric funding round was raised on October, 26, 2023 when the company raised $240 million.
The lead investors of Ola Electric Mobility include big names like Softbank, Tata Sons Private Limited, Matrix Partners India, Tiger Global Management, Hyundai Motor Company, Kia Motors, and more.
Here’s a glimpse into all the prominent funding rounds that OLA Electric has seen so far:
Date
Stage
Amount
Investors
October 26, 2023
Debt Financing
$240 million
State Bank of India
September 7, 2023
Venture Round
$140 miilion
Temasek Holdings
May 22, 2023
Private equity Round
$300 million
–
January 24, 2022
Venture Round
$200 mn
Tekne Private Ventures, Alpine Opportunity Fund, Edelweiss, and others
December 8, 2021
Series C
$53 mn
Temasek Holdings
September 30, 2021
Series C
$200 mn
Alpha Wave Global, Softbank
July 12, 2021
Debt Financing
$100 mn
Bank of Baroda
March 12, 2020
Series B
$1 mn
Pawan Munjal Family Trust
September 16, 2019
Corporate Round
–
Kia Motors, Hyundai Motor Company
July 2, 2019
Series B
$250 mn
Softbank
May 6, 2019
Series A
–
Tata Sons
March 1, 2019
Series A
$53.58 mn
Matrix Partners India, Tiger Global Management
Ola ELectric – Growth
Ola Electric, which started taking bookings in July 2021, has already begun achieving some memorable milestones. Some of them can be summed up as:
Ola Electric has clocked sales worth Rs 1100 crore in just 2 days
It was hailed as the best-selling electric 2-wheeler after Hero Electric in March 2022, when it clocked the sale of 9000+ units.
With over 12689 units of Ola Electric scooters sold in April 2022, Ola Electric was recognised as the highest-selling electric two-wheeler company in India.
Ola has sold 41,024 units in 2022, as reported on June 25, 2022.
Ola Electric New Product
Ola Electric is up for a new product launch on the Independence Day of 2022. There are speculations that this new product is an Ola Electric car. It is on the 15th of August 2021 that the EV manufacturers launched the S1-series of electric scooters. So, we need to keep an eye on that for sure!
Here’s what the Ola chief tweeted with regards to the same:
Super excited to announce a new product this 15th August!
The Independence day launch of Ola Electric would be another Ola Electric scooter, at least as per the trailer that Bhavish launched on Twitter on August 7, 2022. The trailer had a scooter just like Ola S1 Pro, carved out as a silhouette, where he mentioned the “greenest scooter just got greener”.
On 15th August, we’ll be revealing the greenest EV we’ve made! Any guesses? 🇮🇳 😉 pic.twitter.com/aMFxToOSTo
Though there are only subtle mentions of the new launch, the Ola product might be an updated version of the S1 Pro model, or it might be an updated colour of the same. Besides, it might also be an affordable version of the Ola scooters. The launch event of the company will be livestreamed by Ola on the Independence Day.
Ola Electric Scooter Sales
After witnessing a noticeable decline in the number of registrations of EV companies MoM, in April and May, the registrations for EVs rose slightly in June 2022, which increased by 6.8% MoM. The situations or growth stories for big companies like Pure EV, Okinawa, and Ola Electric are a little different though. Ola Electric witnessed a 27.3% decline in May, and then again witnessed a 36.5% decline in June, the registration of which counted to 5874 units. This also resulted in Ola losing out its last month’s second position to Hero Electric, whose registration figures, after witnessing a decline over the last 2 months, sprung back again in June, rising by over 128% MoM. Entities like Ather, Ampere, and Revolt, all witnessed a rise in their vehicle registrations in June 2022 unlike Ola, as of July 2, 2022.
Ola, which peaked in its registrations by registering 12,705 units in April 2022, witnessed a prominent downfall, where the Ola Electric sales fell over one-third, to register 3856 units in July 2022.
Manufacturing Batteries
Ola Electric declared that it would be manufacturing batteries for its scooters, which is why it is in talks with numerous global suppliers to build a battery cell manufacturing plant in India. The battery manufacturing plant will have a capacity of up to 50 gigawatts (GwH) hours, as per reports dated June 8, 2022. The manufacturing expenses of such a plant will be around $1 bn. The capacity of the battery manufacturing plant might initially be 1 Gwh, which would eventually be further upgraded. Suppliers from Korea, Japan, Germany, and other countries might serve as the suppliers of Ola Electric. As per calculations, Ola Electric would be needing 40 GWh of battery capacity to successfully power 10 mn. The company has received incentives along with a few other companies, under the Production Linked Incentives (PLI) scheme, where the Indian government announced the investment of around $2.4 bn worth of funds. This government of India scheme aims to boost the local manufacturing of advanced chemistry cell (ACC) batteries.
The EV manufacturers revealed the first indigenously manufactured Li-ion cell, NMC 2170 on July 13, 2022. This cell is completely manufactured in-house, the mass-production of which is expected to begin in 2023 at its upcoming Gigafactory.
Ola developed the country’s first indigenously developed Li-ion cell, NMC 2170
Ola Electric announced on July 18, 2022, that it will invest $500 mn in its Battery Innovation Centre (BIC), which will be set up in Bengaluru. The BIC will serve as an R&D facility for electric vehicle battery cells. However, the electric vehicle manufacturing company hasn’t disclosed the funding round, and whether it will pour money by itself or depend on external funds.
The MoveOS 3 Firmware Update for Ola S1 and S1 Pro Revealed
The Ola S1 and S1 Pro electric scooters would be receiving the Move OS3 software. It is still being put together, as revealed by the automaker company on July 16, 2022, and would likely be released on October 24, 2022, during Diwali. This new firmware update would equip the scooters with advanced features like Hill hold, proximity unlock, moods, regen v2, hyper charging, calling, key sharing, and more.
Pre-Sale Bookings and Sales Records for the Ola Electric Scooters
Ola opened the option for pre-booking their customers on July 15, 2021. Therefore, everyone who was eager to buy the much-awaited e-scooters, and wanted to stay ahead of their peers could pay a refundable deposit amount of Rs 499.
Ola electric vehicles have witnessed pre-bookings of more than 1 lakh vehicles, as reported on July 17, 2021, the numbers of which increased each second.
The purchase for Ola electric bikes was geared to start from September 8, 2021, and the brand was set to kick start the delivery of the products from October 2021, as of the website status on August 2021. The brand also mentioned then that the purchase of the S1 Pro vehicles will be starting from September 8, 2021, and the Ola scooter delivery will tentatively begin from October 2021 onwards. The booking for Ola S1 and S1 Pro had already started back then and you can also find it live on their website as well as the Ola app even today.
However, Ola S1 scooters couldn’t be bought on the mentioned date due to technical glitches in the developer’s end of the website that failed to make it up and running. The website that would be a one-stop solution for digital purchases, which would also guide the customers with a fully digital loan process without any paperwork, wasn’t live on September 8, 2021. Ola co-founder and CEO Bhavish Aggarwal apologized on Twitter for the frustrating experience the customers had to go through and postponed the purchase date to September 15, 8 am. He further reassured that the reservation of the customers in the purchase queue will remain unchanged.
The purchase of the Ola e-scooters went live on the mentioned date, September 15, 2021, at the end of which it was declared by Bhavish Aggarwal that Ola Electric sold 4 scooters/second, which resulted in the sale of scooters worth Rs 600 crores+ in a single day. The total sale of Day 2 was even better as goes the Twitter post of the Co-founder of Ola Cabs, Bhavish Aggarwal:
Day 2 of EV era was even better than Day 1! Crossed ₹1100Cr in sales in 2 days! Purchase window will reopen on Nov 1 so reserve now if you haven’t already.
Ola is also looking to transport their electric scooters to the US by early 2022 as part of its international trade. The CEO of the company, Bhavish Aggarwal has mentioned,
“Yes soon! We will be shipping to the US by early next year,”
in a reply to Vivek Wadhwa, a US-based entrepreneur on Twitter, who earlier referred to the Ola Electric scooters as “the Tesla of Scooters,” further adding, “would love to get one here in Silicon Valley.“
Ola, however, had to postpone the deliveries of the e-vehicles from the month of October to November 2021 due to a global semiconductor shortage. However, the delay has further extended, as per the reports dated November 22, 2021, where the company has decided to defer the first batch of deliveries of its e-scooters to December 15 – 30, 2021, which was earlier expected to happen between October 25 – November 25, 2021.
Ola Electric – IPO
In order to be ready for its Initial Public Offering (IPO), Ola Electric has changed its status to that of a publicly traded corporation. Ola Electric Mobility Private Limited was the company’s previous name and now Ola Electric Mobility Limited before it underwent a corporate restructure in order to reach this noteworthy milestone.
Ola Electric – Partnership
Reliance General Insurance, a private general insurance business, announced a partnership with OLA Electric to offer an Extended Warranty Product in September, 2023.
Ola Electric – Acquisitions
Ola Electric has acquired 1 company to date that goes by the name Etergo.
Name of the Company Acquired
Date of Acquisition
Deal Value
Etergo
May 27, 2020
–
Ola Electric – Investments
Ola Electric has invested in StoreDot, a Tel Aviv-based battery innovating and developing startup that aims to replace the lithium-ion component on the batteries.
Name of the Company
Date of Investment
Funding Round
Lead Investor
StoreDot
March 21, 2022
Corporate Round
Yes
Ola Electric – Challenges
Aiming to transform the types of vehicles and the fuel that fuels them is itself a huge challenge that Ola has embraced with its e-scooters. Ola Electric has also faced many other challenges in its path of making EVs popular, and one of the major challenges is the fire incidents that the vehicle manufacturing company has seen in March 2022. Here are some of the prominent challenges faced by the EV giant so far:
Ola Electric Production Suspended in Tamil Nadu Futurefactory
Ola Electric has paused its production at Tamil Nadu’s Krishnagiri plant, as of July 30, 2022, for nearly a week. It has piled up 4000+ units at the same factory. Though an ET news previously reported that the company has decided to shut down the factory, an OLA Electric spokesperson refuted the reports, and stated that like all factories need annual maintenance, the Ola Futurefactory did too!
Ola’s Change of Payment Model Reduces Sales
Ola Electric initially used to set multiple payment windows for the customers, which opened on 4 specific dates and helped them pay in 4 instalments. However, on May 28, 2022, the Electric vehicle manufacturer changed that payment model to a one-time full payment model, where the customers will have to pay for their vehicles in full on a single occasion. This change has been impacting Ola Electric sales ever since. In the past 2 weeks, Ola has sold only 130-200 units, as per news dated June 25, 2022. Though this model is allowing the company to offer INR 10,000 discounts to its employees, the total vehicle sales were down by 27.3% MoM in May to 9230 units. The total vehicle sale of Ola stood at 41,024 units on June 25, 2022, so far in 2022.
Fire Incident in Pune
An Ola Electric vehicle set itself on fire in Pune in March 2022. This caused widespread fear and anxiety among all and has also led the company to recall 1441 bikes in order to diagnose them and check their overall health including their batteries, thermal, and safety systems.
Guwahati Accident
Amid the fire incident woes, Ola Electric has faced another criticism involving the son of Balwant Singh, a Twitter user, who alleged that he bought an Ola S1 Pro for his son, which met with an accident on March 26, 2022. This accident, he alleged, was due to a fault in the regenerative braking system. However, Ola Electric, in response to this, posted the telemetry data to prove that there were no issues with their scooter and that the accident was purely due to overspeeding and panic-braking. It also revealed the telemetry data in the form of an official statement on its Twitter handle.
As soon as Ola Electric posted the detailed telemetry report along with relevant graphs, proving that the son of Balwant Singh was overspeeding, and met with an accident, Ola Electric started facing huge backlashes for tracking customer data and publicising the same without the consent of the customers. This led Balwant Singh immediately mail Ola Electric and its authority to take down the personal telemetry data of Balwant’s son that was shared. Any further action taken by Ola was not known, but the fact whether the telemetry data can be considered as a customer’s own private data is debatable truly.
Balwant Singh’s son’s case was shot into the spotlight once again on May 12, 2022, when, as per the reports, Ola Electric responded to Singh, asking him to delete the negative reviews on social media within 24 hours or else, he would be facing legal action. The company’s response was backed by its earlier claim that it hasn’t breached data privacy.
Ola Electric Resignations
Ola witnessed another top-profile resignation on May 8, 2022. After Arun Sirdeshmukh, the CEO of Ola Cars, Dinesh Radhakrishnan is the next person to follow. Radhakrishnan was the CTO of Ola Electric who handled critical engineering functions of the company.
Ola Electric – Marketing, Brand Ambassadors and More
Ola Electric has already been a grand pre-booking success and is innovating its marketing strategies to attract the present generation of customers. The company is targeting all the available forms of media including traditional media, print media, and online media to empower the Ola scooter marketing strategy. The company has already roped in Bhuvan Bam, singer, songwriter, actor, and one of the most popular YouTubers of India, famous for his Youtube “BB ki Vines,” as its brand ambassador to hook in the young generation of buyers.
Bhuvan Bam was hired on August 27, 2021, on a contractual basis, the agreement of which declares that the popular Youtube personality would collaborate with the electric scooter manufacturers to create entertaining and eccentric content revolving around the new-age Ola Electric scooters.
Bhuvan Bam seemed thrilled to be an Ola Electric brand ambassador and said,
“I am really happy that Ola Electric considered me as one of their ambassadors. It’s truly exciting to be a part of this green revolution, something I’ve always wished for. The scooters are sleek, attractive, and are designed as per the Indian electric vehicle market. I have joined the green revolution already and I can’t wait for everyone to get their hands on it.”
Ola Electric – Future Plans
Ola Electric has plans to launch its electric car in 2024. Ola Electric is currently looking to establish its battery manufacturing plant in India that will have a capacity of 50-gigawatt hours. Furthermore, along with that, the electric two-wheeler manufacturing company will also be investing in advanced cell and battery manufacturing.
FAQs
How much does Ola electric scooter cost?
The Ola electric scooter has 2 models –
Ola S1 is priced at Rs 99,999.
Ola S1 Pro is priced at Rs 1,29,999.
The Ola e-vehicle prices, as mentioned above, are for all other states excluding Delhi, Gujarat, Maharashtra, and Rajasthan, where people will find the Ola Electric bikes even cheaper.
What is the Ola S1 Pro boot space?
Talking about the Ola S1 Pro boot space, it is safe to conclude that Ola promises to bring you the largest boot space currently available in the market, which will have the capacity of accommodating two half-face helmets, with space for packing in more.
How is the Ola Electric bike booking process?
The Ola Electric scooter booking in India or the Ola Electric bike booking is an easy process where the users would just have to go to the Ola Electric official website and book them online.
What is the range of Ola electric scooter?
The ranges of Ola Electric scooters on a single charge are-
Ola S1 – 121 km
Ola S1 Pro – 181 km
Though Ola has advertised that the Ola Electric scooters would have a range of around 181 km, the true range of Ola bikes is 135 km, as disclosed later on.
What is the top speed of Ola Electric scooter?
The top speed of Ola Electric S1 is 90km/hr whereas for the S1 Pro model the top speed is 115 km/hr.
What are the Ola S1 Pro and S1 charging times?
The Ola s1 pro charging time is around 6 hours 30 minutes, while the S1 variant of the Ola e-scooter will be fully charged in around 4 hours and 48 minutes when charged at home.
How to charge OLA electric scooters?
The Ola Electric scooters can be charged using a 750 W charger that comes with the Ola Electric scooter that needs to be plugged into a standard 5A socket. Besides, the users can also charge their scooters at the nearest Hypercharging stations.
Who is the Ola brand ambassador?
The Ola brand ambassador is none other than the founder of “BB ki vines” Bhuvan Bam.
The mindset of the people has changed from, over the decade, as now people want to be the boss of their own and don’t want to restrict themselves in the walls of 9-to-5 jobs. This decade brought a hit of entrepreneurs and their startups with amazing ideas and execution, that has helped people and has changed the ways, for people living their lives.
15 Best Startups of the Decade (2010-2020)
Here are the 15 best startups in 2010s which have changed the market of the Indian entrepreneurship-
The idea of ordering food online at the start of the decade was an idea that most of the people didn’t think upon but soon the thought changed with the arrival of food-delivering apps like Swiggy.
Launched in 2014, Swiggy is known as the largest and most valuable food ordering and delivering the platform in India, currently operating in more than 100 cities across India. Online food delivery platform, Swiggy, has launched its third series of television commercials and digital campaign, that are reflective of new-age India and its changing culinary culture. Swiggy tagline is “Swiggy karo, phir jo chahe Karo!”
Paytm
Founded: 2019
Paytm Logo | Best Startups of the Decade
Go cashless has been the motto of 2019 and the public is taking it quite effectively. The wave of online transactions hit India in 2010 when Paytm was launched. PAYTM is an e-commerce system, based in Noida, Uttar Pradesh. It is available in 11 Indian languages and offers online use-cases as mobile recharges, utility, bill, payments, travel, movies, and events booking, in-store payments at grocery stores, fruits and vegetable shops, restaurants, parking, tolls, pharmacies, etc.
Oyo Rooms
Founded: 2013
OYO Logo | Best Startups of the Decade
Whenever it comes to book rooms for a vacation, weekend or a party, the one-stop shop is OYO. Founded in 2013, by Ritesh Agarwal, OYO Rooms is an Indian hotel chain and fastest-growing hospitality chain of leased and franchised hotels, homes and living spaces at cheap prices. It is currently UAE, Nepal, China, Brazil, UK, Philippines, Arabia, Sri Lanka, etc.
Finding bus seats can be quite hectic and without a good seat, going to a long ride can be hectic. So, to save the hassle, one can always go for redbus. An online app company, the user can look up to for buses and book tickets accordingly and get confirmed tickets, without struggling for tickets on the way. Redbus was founded by Phanindra Sama, Charan Padmaraju and Sudhakar Pasupunuri in 2006, however, it became famous after 2010 when Indian people were getting introduced to mobile internet.
Ola
Founded: 2010
Ola Logo | Best Startups of the Decade
Traveling was made much easier and better by OLA, which was founded in 2010 by Bhavish Agarwal. Now, it’s one of the largest cab services in India, with over 250,000 cabs and rickshaws in the app running over 85 Indian cities. The company is expanding its reach everyday. As of 2020, it has expanded its services to UK, Australia, and New Zealand.
Zivame
Founded: 2011
Zivame Logo | Best Startups of the Decade
Zivame is an e-retail lingerie brand for women, founded in 2011 by Richa Kar, to empower women to buy lingerie freely without feeling embarrassed as of in normal offline shops, which is generally filled by men. Meaning of Zivame is ‘radiant me’. It has also been known for showing diversity as it has no age -limit. It sells shapewear, sleepwear, and activewear through both online and offline stores.
Who would have thought in 2000s that we would be ordering groceries online? This thought also came into fruition in 2009 by Abhinav Choudhari, Hari Menon and Vipul Parekh. Now, BigBasket is an online food and grocery store that delivers personal and household needs right to customer’s doorstep. As of 2020, BigBasket is available in almost all the cities of India. Shah Rukh Khan is brand ambassador of BigBasket and bigbasket tagline is “I’m bigbasketeer, Are you?”
Byju’s
Founded: 2011
Bigbasket Logo | Best Startups of the Decade
The Bangalore based educational technology platform Byju’s is an online tutoring and coaching firm that was started in the year 2011 and runs on a freemium model. The main aim of Byju’s is to provide coaching through online video lectures for students of class 1 to class 12 and also for people who prepare for competitive exams like IIT – JEE, NEET, CAT, GRE, and GMAT.
Byjus- the Learning app was launched in the year 2015 by Byju Raveendran and since then it has been a huge success. It is used by more than 15 million students all over the world and has 900000 paid subscribers. The app helps the students to learn on their own rather than the traditional culture of spoon-feeding.
Firstcry
Founded: 2010
Firstcry Logo | Best Startups of the Decade
It is an overwhelming feeling for the new parents to buy all the goods for the baby or the newborn. Firstcry was started to fulfill that demand in 2010, by Supam Maheswari, when he couldn’t find quality toys for his new-born daughter. Now, firstcry sells baby products like diapers, cribs, clothes, nursery items, etc. It has become a popular website for buying baby products from online and offline stores.
Freshdesk
Founded: 2010
Freshdesk Logo | Best Startups of the Decade
Cloud-based software is the need of every brand to store all the data of the consumer. But back in the starting days of the decade, there were very few companies dealing with cloud-based software.
One of the most popular company was Freshdesk ( now known as Freshworks), which was launched in 2010. It was started by former ZOHO employees Girish Mathrubootham and Shanmugam Krishnasamy, who teamed up to create better software to help enterprises do after-sales support more effectively. The founder Girish Mathrubootham, is also a mentor and a key figure in the Chennai startup ecosystem.
Freshdesk’s customers in India include Saavn, Decathlon, Grofers, Lenskart, Oyo Rooms, Byju’s, and Goibibo.
Limeroad
Founded: 2012
Limeroad Logo | Best Startups of the Decade
Fashion has always found its way in women’s shelf, one of India’s most popular online boutique is Limeroad. It was founded in 2012 by Suchi Mukherjee and Ankush Mehra. It is known for being specialized in clothing and accessories for men, women or kids. The online store also allows the users to create their look on a virtual scrapbook by using the brand’s products and also allows users to earn from the scrapbook they create and then, they can use the points on the purchase, at the time of checkout.
Shopclues
Founded: 2011
Shopclues Logo | Best Startups of the Decade
Another big brand which started in 2011, was Shopclues. It was founded Sanjay Sethi, along with former wall street analyst Sandeep Agarwal. Both the founders returned from California, decided to go into a new venture. The company has over 6 lakh merchants and 2.8 crore products on its platform serving over 32,000 pin codes across the country. Although, the company didn’t do well in the market, Sandeep Agarwal did inspire many youngsters to get into entrepreneurship through his journey.
Buying furniture online? That was a dream of people in 2000s! But that dream was completed by Ambareesh Murty in 2012. He teamed up with Ashish Shah, one of the former head of eBay Motors in India and the Philippines and launched Pepperfry. It is a dealer of the best quality furniture and delivers it at the doorstep of the buyer. It has soon gained immense popularity in the country.
Snapdeal
Founded: 2010
Snapdeal Logo | Best Startups of the Decade
With the tagline of “unbox Zindagi’, Snapdeal managed to be a home favorite for varieties of goods ranging from home, fashion, electricals, sports, etc. It sells over 3 crores (30 million) products across 800+ diverse categories from over 1,25,000 regional, national and international brands and retailers and a reach of 6,000 towns and cities across the country. Although this ecommerce venture didn’t do as good as others like Flipkart or Amazon, it was still a big success in the early years of this decade.
Hike
Founded: 2012
Hike Logo | Best Startups of the Decade
Once a very popular youth app for messaging, Hike messenger has left an interesting mark on the market. It was founded by Kavin Bharti Mittal. The hike is a cross-platform instant messaging, voice over IP, social media and peer to peer file sharing app, launched on 12 December 2012.
Conclusion
These startups are known to be change force in the world of startups in the decade and are known to inspire many other startups. 2010s is probably the most revolutionary decade in the entrepreneurship world. However, we hope this decade brings more innovation to lives.
Nitin Konde
