'Top cars, no cancellations': Bhavish Aggarwal announces Ola Prime Plus service in Bengaluru

Ola co-founder and CEO Bhavish Aggarwal on Sunday announced a new service by the company called ‘Prime Plus’. “Prime Plus: Best Drivers, top cars, no cancellations or operational hassles,” said Bhavish Aggarwal in a Twitter post. 

Bhavish also said that he would be a frequent user of the new service and will share his experiences on Twitter. The Prime Plus service would be initially available for select customers in Bengaluru only.

However, Bhavish Aggarwal did not disclose any details about the features of this service and its cost. Many users asked for more clarification on the membership of the service. One user said, “What will be the price difference? You should start a Prime+ membership where this gets included.”

“But your drivers refuse (to) accept postpaid money? What is the solution,” said another user.

Although the Ola CEO did share a screenshot of a booking which shows that the service was cheaper than other cabs on the platform.

Earlier in May, US-based investment management company Vanguard, slashed the valuation of ANI technologies, the parent firm of Ola, by 35 per cent to $4.8 billion, according to regulatory filings.

Bengaluru-based firm Ola had previously been valued at $7.4 billion.

ANI Technologies’ other subsidiary Ola Electric is planning its stock market debut by the end of 2023. The company has appointed investment banking firm Goldman Sachs and Indian domestic bank Kotak Mahindra to manage the share sale, sources told Reuters.

Ola is yet to disclose its FY22 numbers. As per its last regulatory filings, in FY21,  Ola reported a 65 per cent decline in revenue at Rs 689.61 crore. The company reported its first-ever operating profit (profit before finance cost, depreciation, amortisation and tax or EBITDA) at Rs 89.82 crore on a standalone basis.

Also Read : Ola Electric is planning stock market debut by 2023-end, claims report

Also Read : US investment firm Vanguard slashes Ola’s valuation by 35% to $4.8 billion