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India’s industrial base depends on automotive industry: Bhavish Agarwal

According to Bhavish Agarwal, co-founder and CEO of Ola Cabs, the automobile business is one of the hardest to succeed in since it forms the basis of modern industrial civilization.

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”.

He described the three companies that make up the Ola Group, noting that ride-sharing and consumer business contributed the most to the company’s earnings.

“We are the #1 cab servicing company in India,” he said.
“It is a highly profitable business which is why I was planning on announcing an IPO, but because
the markets went down, we are planning to do it next year now,” Agarwal added.

With the introduction of their electric 2-wheeler scooter, the second company, Ola Electric, has expanded.

“We need to humanize the EV revolution in India and design products suitable for the Indian market,” he said.
Further adding to this, Agarwal said, “We are the #1 EV company in India and have surpassed the total of the next two companies. Also, we will be launching our electric bike this year and our electric car by the end of next year”.
He further emphasized, “Our car will be the best in the world”.

Further elaborating on his business ventures, Agarwal 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”.

The CEO and Co-Founder of Ola Cabs spoke about additional difficulties faced by the business, such as the establishment of a factory with 3000 young women working exclusively in it.

“The factory that we are building, we have built Phase 1 which we constructed in record time in less than 8 months,” he said.

The conference promises an energizing speaker lineup with notable personalities from the economic and political worlds, as well as artists from the Hindi film industry, authors, and other distinguished industries. The two-day conference brings together a wide range of viewpoints from several businesses in an effort to support India’s ascent to global leadership.

 

 

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