Ola Rides Its Way Into the New Zealand Ride-Sharing Market
Indian Cab-hailing giant Ola is on an expansion spree. After Australia and the UK, the ridesharing platform has today announced its plans to enter New Zealand to provide both drivers and passengers with a fair and safe way to get around Auckland, Christchurch and Wellington.
Founded in 2011 2011 Bhavish Aggarwal and Ankit Bhati, the ride-sharing company is committed to its mission of building mobility for a billion people.
Driving Into New Zealand Market
To build Ola’s presence locally, Brian Dewil has been appointed as Country Manager for New Zealand.
Ola said in the press release, “Brian is a proven business leader with over 15 years’ of experience working in the technology and start-up industry. He previously founded UrbanSherpa, a firm that disrupted the local courier market and, before his newly appointed role at Ola, he was the Co-Founder and Director of Horizon Robotics, where he implemented robotic technologies to reimagine the way physical goods are transported and delivered.”
Dewil pointed out that Kiwis have had too little choice when it comes to rideshare. He believes that Ola’s arrival will create a compelling experience that puts the quality of rides first.
“I’m excited to build the local team and business in New Zealand and provide a healthy contribution to the nation’s local mobility infrastructure,” he added.
Intensifying Competition in Ride-sharing Market
Ola is going to face competition with the like of global giant Uber and New Zealand-based Zoomy.
Commenting on the development, Bhavish Aggarwal, Co-Founder and CEO, Ola said, “We see a real opportunity in New Zealand to provide a fair alternative in the rideshare space for both customers and drivers. We invested in understanding the New Zealand customer and devised the right strategy to meet their transport needs.”
He further added, “We are the rideshare brand that cares and are looking forward to creating high-quality transport experiences for both passengers and drivers in New Zealand.”
Who Got the Big Bucks?
In India, Australia and the UK, Ola enables smart transportation to over 125 million users. Today, Ola operates in seven major cities across Australia and has close to 50,000 registered drivers who have completed millions of rides.
Apart from expansion plans in the ride-sharing market and food-tech space, Ola is also raising big bucks to ensure they attract dominance against rivals in the global market.
According to news reports, Softbank-backed Ola has raised $50 million at a valuation of roughly $4.3 billion from Hong Kong-based Sailing Capital and the China-Eurasian Economic Cooperation Fund (CEECF), in a fresh round of funding. In October 2017, the company raised $1.1 billion in fresh funding from China’s Tencent Holdings Ltd and existing investor SoftBank Group Corp. of Japan.