Saturday, 21 April, 2018

India ride-sharing firm Ola to enter Australia

Reuters Reuters
Russell Knight | 30 January, 2018, 08:47

Online cab aggregator Ola on Tuesday announced its entry into the worldwide market, starting with Australia, to take on its American rival Uber.

Media reports in India earlier this month linked the company with launches in Australia and New Zealand, while there have also been suggestions that it will move into Sri Lanka and Bangladesh.

Ola, which still needs regulatory approval to launch in Australia, said it would offer a "high-quality and affordable travel experience".

Once launched, Ola will be taking prime competitor Uber head-on in the Australian market. In Australia, Uber and GoCatch-backed by Australian Prime Minister Malcolm Turnbull's son -Alex Turnbull- have disrupted the traditional taxi market. Ola serves about a billion rides annually through its app-based platform.

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Indian ride-hailing major Ola is entering Australia, marking its first foray into global markets, and intensifying its battle with USA rival Uber.

Meanwhile back at home, to acquire larger market share, according to various media reports Ola will launch e-rickshaw soon and is now looking for partnerships. Ola is in the process of appointing a country manager for its Australian operations. The company had raised $1.1 billion from investors, including Tecent and SoftBank, last year, and was in the process of raising another $1 billion.

Founded in 2011, Ola has been competing against Uber in the Indian ride-hailing market. The Uber rival has said it will provide both driver-partners and passengers.

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