The 29-year-old IIT–B Grad – Bhavish Aggarwal is the founder & CEO of India’s most popular Cab Aggregator OlaCabs.
OlaCabs, more popularly known as Ola, is just like any other marketplaces online, but more specifically into providing Taxi services. Ola, which started as an online cab aggregator in Mumbai, now resides in the Silicon Valley of India a.k.a. Bangalore, and is also known to be one of the fastest growing businesses in India, out-beating its competitors Uber & Meru.
Life Before OLA- Born in Ludhiana, Bhavish just like every other success-driven and successful entrepreneur, began at a very early age. Soon after he completed his Bachelors in Technology (Computer Science and Engineering) from IIT – B in 2008, he started his career with Microsoft Research India as a Research Intern and later got reinstated as an Assistant Researcher.
During his more than two years of stint with Microsoft, Bhavish managed to file two patents and also got three papers published in the international journals.
The Wild Chronicles Of OLA- After quitting Microsoft, Bhavish started an online company which dealt into the selling of short duration tours and holidays online. Now while he was at it, he happened to rent a car from Bangalore to Bandipur and had a lasting bad experience.
The Change- This change including the entrance of Ankit Bhati was brought about somewhere around December 2010. His solution was simply introducing a technology that bridged the gap and connected the cab owners with the commuters through the Internet, telephone or a mobile phone app. Bhavish’s believed that anyone can have a good business idea but to function it successfully one must a scalable model upon which the business runs. According to him, the best or one of the best & safest model one can or should adopt is running a business with owning “zero” inventory. They went on to partner with a long range of Taxi Drivers, and all he did was added a touch of modern technology to the whole thing through which consumers could book cars at a short notice via their call centers or via their app.
The Strategy- For the first few months, they used to pay drivers 5000/day tips + no salary. Provided they met the criteria which were that, a Driver must have completed one single trip for that given day. To add to that, the Integration Devices which they use were provided free of cost! During that time, with a rough potential monthly income of 1.5Lakhs literally, every driver, even including many part-timers did anything to get them attached with Ola. As their motive was fulfilled, later this payment module was reduced to half i.e. 2500/day and then 750/day tips + salary consecutively. And now the tips would be provided only if they covered a minimum 10 trips in a day.