Bhavish Aggarwal is a young Indian entrepreneur and the CEO of OlaCabs. He is a 34-year young lad from India. Bhavish is among the youngest member of India’s richest person. His startup i.e ola cabs are also among the fastest growing business companies of present times.
Bhavish is featured in many magazines and articles and also recognized as one of the influential tech entrepreneurs in India. OlaCabs turned out to be among the biggest startups of India. OlaCabs is the biggest cab provider company and the biggest competitor for Uber in India.
Bhavish Aggarwal Early Life
Bhavish Aggarwal ‘s birthday is on 28 August 1985 in Ludhiana, Punjab. His birth was in a well to do middle-class family. Bhavish Aggarwal father’s name Naresh Kumar Aggarwal and his mother’s name Usha Aggarwal.
From an early age, Bhavish had the intention to do something different. Bhavish Aggarwal did his B.Tech (Computer Science and Engineering) from IIT Bombay in 2008.
As we all know, entrepreneurship needs much passion and support. His parents were always at his side and supported him at every point of his life. Bhavish Aggarwal’s interest in technology can be seen from an early age. Bhavish Aggarwal was also interested in reading books and swimming. Apart from these interests, he also grew a good interest in photography, and to maintain a good photography blog. Bhavish Aggarwal interest to build new strategies, marketing products, and sales too started building day by day.
Bhavish also started a tech blog in the year 2008. There he shared information about hosting, upcoming tech innovations and startups. There he also shared news regarding startups.
Bhavish Aggarwal Carrer
Bhavish Aggarwal graduated from IIT Bombay from computer science field. As interested in technology from an early stage, this field suited him the most. Bhavish then worked for IT Company Microsoft, which is the biggest IT Company in the world. Bhavish worked remarkably well there and gained a lot of respect too.
Bhavish Aggarwal at that time published some highly knowledgeable articles and thus gained a lot of respect in this way. But that was just the start of his journey. He always wanted a company of his own, and thus decided to leave his comfortable job of Microsoft.
After two months of quitting his job, he started his new company OlaCabs. The company soon started getting popularity in a short time. As we know Uber, which is of the same field and is a global player. But Ola started to give a good competition to Uber in India in a short time.
Formation of the Company
As Bhavish had quit his job to start his own company, he had to travel distances for new ideas. His first company was an online venture, which dealt with the selling of holidays and tours tickets online.
Once while he was traveling in a rented car from Bangalore to Bandipur, he really had a bad experience which led to the formation of the company. The driver of that car stopped in the middle of the journey and started to re-negotiate on the travel fares. As Bhavish refused to give what he was demanding, the driver left him in the middle of the journey.
In this situation, many people would have been hyper or tensed, but Bhavish thought something different. He felt the need to improve this situation and solve it on a large scale. As he faced this problem for the very first time, he did not know whether it was the problem for many.
So he started researching this issue, and what result came out was quite surprising. He found out that many people faced this issue and it was high time for someone to step up and solve it.
After forming the company, another big decision was the entry of his close friend Ankit Bhati. His entrance changed the game completely. His solutions were simple and related to technology. They connected the cab owners with the commuters through the Internet, telephone or a mobile phone app.
Like most entrepreneurs, his parents also didn’t support him in his earlier stage, Bhavish Aggarwal’s parents thought that the work was equal to any travel agent job. They also believed that the work was full of tension and pressure so they not in support of it. But Bhavish was in no mood to turn back. He convinces them, and their trust in him started building when he got his first angel investors. His first angel investors were Snapdeal founder Kunal Bahl, Rehan Yar Khan, and Anupam Mittal.
A plan isn’t successful until its executed, that what Bhavish believes. Every person can have a plan, but the execution of it is what counts the most. He believed that the safest way is to adopt a business with owning “zero” inventory.
They started renting cabs instead of buying them. Then their goal was to build a connection with the taxi drivers and were successful in it too. To make things easier for people, they added a bit of technology in it i.e people can easily book the cabs from their home or place of work through calls or mobile app.
Gameplan of the Company
The only strategy of the company was that to keep things simple, and the satisfaction of customers was their priority. They left no stone unturned to take their business to the next level. On the customer’s calls, the respective drivers had to pick them up and leave them to their desired destinations. They also tried their best to keep the drivers happy and satisfied so that they would engage well.
For the initial month, they paid the drivers a number of Rs 5000/day with no salary. The task for the drivers than was that they complete one single trip for that given day.
During that period, the monthly income of the drivers was around 1.5L/month which was really great. Many part-time drivers too wanted to join Ola at any cost. And soon the popularity of Ola started growing all over the country.
Later they reduced the daily pay to Rs 2500/month and later to Rs 750/month. As of here the popularity of Ola was in its prime, so there were no uses of giving high pays, as many were there who would work for them at a lower rate.
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Now as we know, there were other cab and travel agencies too who were there from years. But there was something different in OLA which attracted the passengers as well the investors.
To Bait the customers, Bhavish played a smart game. He managed the All India Permit like some travel agencies so that they could give travel services both within and outside the city.
Bhavish Aggarwal realized that it was the decade of technology. So he decided to develop apps so that customers can easily book their rides from their place. Thus it became convenient for all to book rides and the success of the company can be seen from its growth.
Growth of OlaCabs
With the long term strategies, the company started achieving heights in less time. The popularity of the company started growing at a rapid speed. By the year 2014, the company had a network of 200,000 cars which ran across 100 cities and is growing. The company recorded around 150,000 bookings per day which were really great. And soon the company was sitting on 60% of the market share in India.
The company in course of time bought some development which benefitted them hugely. They launched the Ola Mini service in Bangalore & in Delhi (NCR) with 250 cars and were also in preparations to grow to 800 cars by 2015.
Talking about the offers then, they offered travels which were cheaper than the rest. They started with a price of Rs12/km with a base price of Rs.150 for the first six kilometers. Thus making them the cheapest AC cabs running.
By the end of 2015, OLA expanded their services to some big cities like Delhi, Pune, and Chennai. Bhavish Aggarwal was ready for something great. For a great move, OLA bought TaxiForSure or TFS in March 2015 for about $200 million. They tried to lure the drivers by providing Bonus + Attachment Devices Free of Cost, but the plan didn’t turn out in their favor. Later they bought the company to maintain stable growth.
Later OLA also launches Ola Cafe. Using this service, people can order food, grocery, vegetables etc. and deliver them to their respective house.
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Talking of now, Ola is the most popular mobile app for cab booking. It has out-beaten Uber who was in this field from before. Also, Ola is receiving fundings in a good amount. Ola raised a fund of $676.8 Million so far from investors like SoftBank, ABG Capital, Accel Partners, Mauritius Investments, Tiger Global Management, Matrix Partners, Steadview Capital, Sequoia Capital, and DST Global. Present evaluation of OLA is over $3.5 Billion.
Interesting Fact about Bhavish Aggarwal
- Bhavish Aggarwal wife name is Rajalakshmi Bhavish Aggarwal(She is also Girlfriend of Bhavish Aggarwal before marriage).
- He does not have any own car but today also he traveling in OlaCabs.
- When He is 25 Years old that time he starts OlaCabs with Ankit Bhati.
- He is Provide 100 Crore in PM Narendra Modi’s Skill India Mission.
Achievements of Bhavish Aggarwal
Talking about achievements, Bhavish Aggarwal received many awards.
- He received the ‘mBillionth award South Asia’ in the year 2013.
- Bhavish Aggarwal awarded as the ‘Best start-up of the year’ by IAMAI.
- He also received the ‘HATT awards’ and was also Listed in ’30 under 30′, by Hindustan Times and Forbes.
- Entrepreneur of the Year Award in 2017 by ET Award.
Thanks for Reading. I hope you Motivate from Bhavish Aggarwal Life and You also make your own companies and Become Self Made Millionaires.
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