(Image Courtesy: OLA Official Twitter)
(Image Courtesy: OLA Official Twitter)

India Business

OLA Cabs To Start Its Services In The Netherlands: Receives Rs. 50 Crore From Its Parent Company

Written By Digital Desk | Mumbai | Published:

Hack:

  • OLA Cabs in aiming to start its services in the Netherlands
  • OLA received a funding of Rs. 50 crores from its parent company, ANI Technologies to start its services
  • Along with India, it also provides its services in Australia, New Zealand and the UK

OLA Cabs, an Indian origin company, providing rental cabs ranging from economy to luxury travel booked online. After conquering the home market, Ola expanded its base and started its services in Australia and the UK earlier this year. It also started into services in New Zealand recently. The company is backed by Japan’s SoftBank Group.

It ventured into the UK only in February 2018, as a launchpad in the continent and now aims to take this effort forward by taking their services in other nations as well. Reportedly, Ola cabs received a capital of Rs. 50 crores from its parent company, ANI Technologies Pvt. Ltd.

It looks to start its services in the Netherlands too later this year. Ola is working in the Netherlands, together with the government to build its portfolio and settle on the commission rates that it would charge for its services.

Apparently, the cab company is seeming to make the most of the opportunity as its rival company, Uber has been facing regulatory issues in the country. Reportedly, one of Uber's services, 'Uberpop', was declared illegal by the transport ministry in the Netherlands, because it permitted unlicensed drivers to use their vehicles as taxis. However, later, the services resumed as it was allowed to operate, though under strict restrictions.

READ: Ola Cabs Announces ONN! Internet Scrambles To Find Out What It Could Be About

In the near past, the company has also secured a capital infusion of $50 million from Hong Kong-based company, Sailing Capital, and China Eurasian Economic Cooperation Fund. According to data of the recent capital infusion, Ola was valued at an estimated $4.3 billion.

The exact date of the commencement of the services by the company in the Netherlands has not yet been declared by the company. It could be expected to be running and in service by the end of this year. Ola Cabs is expected to give a tough competition to the already existing cab services in the country, as it did in the UK.

 

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