Daybreak Ola’s investors want out. Bhavish Aggarwal won’t let go
Oct 29, 2025
Ola's ride-hailing business is in a tailspin, plummeting market share and frustrated investors raise red flags. Bhavish Aggarwal’s unwavering focus on Ola Electric has left the cab sector in limbo. Talks for a merger with Rapido fizzled out, highlighting diverging priorities. Despite significant leadership churn and declining revenue, Aggarwal maintains tight control, raising concern among early investors trapped by exit clauses. Can new ventures like AI shopping tools revive the core ride-hailing service or are the challenges insurmountable?
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Rapid Market Share And Valuation Decline
- Ola's ride-hailing market share plunged from ~45% in 2018 to ~25% today, signalling a structural decline.
- Its valuation collapsed and early investors are urgently seeking exits or ways to limit losses.
Early Exit Offers Left Some Investors Stuck
- Bhavish Agarwal offered partial or full exits in 2020 but many early investors didn't take the deals.
- Those investors remain locked in by shareholder clauses and have been waiting since 2015 for returns.
Super App Pitch Failed To Materialize
- Agarwal pitched Ola as a super app aiming at a $250bn TAM but the IPO never happened.
- Revenues fell from ₹2,800 crore (FY2020) to ₹2,200 crore (FY2024) as valuation cratered by 2023.