We have enough cash to turn profitable in two-three years: Ola’s Bhavish Aggarwal
Ola co-founder and CEO Bhavish Aggarwal speaks in an interview on the start-up’s fund-raising plans, Ola Share and the Indian cab-hailing market in general
How big is the problem of fake rides and what are you doing to tackle it?
We have strong technology, algorithms and data sciences in place. Our fake rides have come down to almost zero… they could have moved on to (the) competition’s platform.
Are you sufficiently funded?
We are very well funded and we have a very strong balance sheet. We continue to get inbound interest.
How long will the current capital last you?
We have enough money to turn profitable in the next two to three years.
How is Ola Share as a product coming along? How big a business is it for you?
Ola Share is the fastest growing product for us. Within the next one year, it will be the majority of our business. The matching rates on Ola Share are the best in the world and it is because of the kind of algorithms we have built. Our matching rates are 80%.
What are the targets around profitability?
We are tremendously improving our profitability every week and month. Many cities are already breaking even for us and many are on path to profitability. Many categories are already profitable for us like Ola Select; it adds to our bottom line.
Do you think the current cab-hailing market has room for two companies in India?
Mobility market, in general, is so large in India. I believe there is enough room for several. But if you only get an American concept to India, it will only go so far and not beyond that.