Ola Introduces Premium Cab Service ‘Ola Prime Plus’ in Bengaluru
- ByStartupStory | May 29, 2023
Ola, a leading player in the mobility sector, is set to launch a pilot program called Prime Plus in Bengaluru. The new premium service will provide customers with top-notch cars and skilled drivers, along with the added benefit of cancellation-free rides. Bhavish Aggarwal, the co-founder and CEO of Ola, took to Twitter to make this announcement on Sunday.
Aggarwal announced that the service would be launched on Sunday in Bengaluru, targeting specific customers. He expressed his intention to utilize the service regularly and share his experiences via Twitter.
Although Aggarwal did not disclose the pricing specifics of the new service, he did provide a screenshot of a booking in his tweet, revealing that the trip cost was lower compared to Minis and other cabs available on the platform.
At present, Ola offers various categories such as Mini, Auto, and Bike for booking through its app. Additionally, users can book Prime Sedan, Prime SUV, and Rentals. As per the aforementioned source, the company intends to utilize its existing fleet for the new service and will not be hiring new drivers or cars. Eligibility to drive for the new service will be based on criteria such as experience within the Ola marketplace, top ratings, and other quality metrics.
According to the individual mentioned in the quote, the Prime Plus service will be distinct from Ola’s upcoming pilot of an electric vehicle (EV) cab service. Reports from January indicated that the ride-hailing company has plans to launch its own EV cab service, with a pilot program commencing in Bengaluru and featuring approximately 1,000 cabs. This EV cab service will be offered as a separate category on the Ola app.
Existing investors of Ola have recently marked down its valuation. As per a report on May 11 by ET, US investment firm Vanguard’s managed funds reduced the valuation of Ola by 35% to $4.8 billion, as revealed in regulatory filings with the US Securities and Exchange Commission. Additionally, following the pandemic, Ola made the decision to discontinue several verticals, such as food and grocery delivery, as well as second-hand car sales, in order to concentrate on its core ride-hailing business.
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