The service will be a “premium offering” and will not include cancellations from drivers.Aggarwal added that the service will be initially available for select customers in Bengaluru starting Sunday and that he also will be “using it frequently” and share experiences on the microblogging platform.
Aggarwal did not share the details about the pricing of Ola’s new service but he shared a screenshot of a booking which shows the cost of the trip cheaper than Mini and other cabs on the platform.
Currently, besides Mini, Auto and Bike, people can book Prime Sedan, Prime SUV, and Ola Rentals on its app.
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ET on May 11 reported that funds managed by US investment firm Vanguard marked down the valuation of Ola by 35% to $4.8 billion, according to regulatory filings with the US Securities and Exchange Commission. Ola has exited verticals like food and grocery delivery and second-hand car sales over the past year, to focus on its ride-hailing business.
Ola Electric IPO, funding
ET reported on May 26 that Ola Electric is planning to raise between $800 million and $1 billion, or 6,560-8,200 crore, through its initial public offering (IPO) primarily to fund its capital expenditure. The company is eyeing a valuation of $10 billion, or 82,000 crore. The IPO is slated to hit the bourses in the last quarter of the current fiscal year.
The Bengaluru-headquartered company has roped in Goldman Sachs, ICICI Securities, Axis Capital, Citi, and Kotak Securities as lead managers for its IPO. Cyril Amarchand Mangaldas (CAM) and Shardul Amarchand Mangaldas (SAM) are the legal advisors.
Ola is also planning to launch its EV cab service and will begin the pilot in Bengaluru with around 1,000 cabs, ET had reported in January. The cabs will be available on the Ola app as a separate category along with regular cabs and auto service.
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