In a recent exchange of comments, Bhavish Aggarwal, the founder of Ola, India’s leading ride-sharing platform, has responded to statements made by Uber’s global CEO Dara Khosrowshahi regarding the competitive landscape in India’s ride-sharing market.
Aggarwal’s rebuttal came after Khosrowshahi’s interview with a national daily, during which he emphasized Uber’s commitment to the ride-sharing business and its ambition to lead in the Indian market. Khosrowshahi’s remarks were made during a four-day visit to India, where he highlighted Uber’s focus on ride-sharing and its determination to secure a leading position.
However, Aggarwal, in his response, asserted that Ola is already well-established and deeply rooted in the Indian market, with significantly higher revenues compared to Uber. He pointed out that Ola’s ride-sharing revenues were three times that of Uber’s in FY23, indicating Ola’s dominant position in the segment.
Aggarwal’s comments come at a crucial time for Ola, as the company is preparing for an initial public offering (IPO) valued at Rs 5,500 crore, marking a significant milestone in the electric vehicle (EV) space in India. Aggarwal has already submitted the Draft Red Herring Prospectus (DRHP) to the Securities and Exchange Board of India (Sebi) and is aiming to launch the IPO before the upcoming general elections.
As part of the IPO preparations, Aggarwal is currently on a global roadshow, having already visited Dubai, Abu Dhabi, and the United States. This international outreach underscores Ola’s ambition to expand its presence beyond India and establish itself as a global leader in the EV and ride-sharing sectors.
According to Entrcakr, a leading financial news platform, Uber’s ride-hailing business accounted for 25% of its total operating revenues in FY23, amounting to Rs 679 crore. In contrast, Ola’s ride-sharing revenue for the same period stood at Rs 1,987 crore, highlighting Ola’s strong performance in the Indian market.
As the competition between Ola and Uber intensifies, Aggarwal’s response to Khosrowshahi’s remarks underscores Ola’s determination to maintain its leadership position in India’s ride-sharing market and its commitment to further growth and expansion in the EV sector.
