The automotive industry is one of the toughest industries, it is the cornerstone of industrial society, said Bhavish Aggarwal, Co-Founder and CEO, Ola Cabs. Speaking at ABP Network’s second edition of the ‘Ideas of India’ summit on the topic, ‘Come Ride With Me – How I Made It’, he said “This is India’s moment in the sun. It is our mission to lay down advanced technology for future technology generations”.
During the summit,Bhavish provided an overview of the three businesses that fall under the Ola Group umbrella. He noted that the ride-sharing and consumer business are the primary contributors to the company’s revenue, and Ola is currently the top cab servicing company in India. The speaker had planned to announce an IPO; however, due to the market downturn, the company will delay it until next year.
The second business, Ola Electric, has recently experienced growth with the launch of its electric 2-wheeler scooter. The speaker believes it is essential to “humanize” the electric vehicle (EV) revolution in India and design products that are suitable for the Indian market. He noted that Ola Electric is currently the leading EV company in India, having surpassed the total of the next two companies. The company is planning to launch its electric bike this year and an electric car by the end of next year, with a commitment to making the car the best in the world.
Further elaborating on his business ventures, he said, “Through Lithium, our third business, we will use lithium and cell technology to create leverage for India.” Defining his goals, he added, “We will be the largest lithium producer in India.” Emphasizing on the adoption of AI, he said, “New types of jobs will get created because of AI and productivity will increase for the whole economy and that has to be the journey.”
During the summit, the CEO of Ola Cabs discussed the company’s other initiatives, including the establishment of an all-women’s factory that employs 3,000 young women. He noted that Phase 1 of the factory was built in under eight months, setting a record for construction speed.
The summit promises an invigorating line-up of speakers with prominent figures from the world of business, politics, artists from the Hindi Film Industry, authors and other eminent sectors. The two-day conference confluences diverse ideas from various industries to promote India in becoming a burgeoning leader in the world.
