Ola Cabs CEO Bhavish Aggarwal (left) and Microsoft CEO Satya Nadella image: Microsoft

According to analysts from investment bank Morgan Stanley, India’s Ola Cabs persists as the main potential threat to Uber’s stronghold on the London ride-hailing market. This is despite the recent return of Bolt (formerly Taxify) to the London ride-hailing market, after a previous ban from the city emanating from the lack of an operating license.

According to Morgan Stanley analysts, evidence suggests Bolt’s recent return to London is not having a significant impact on Uber’s operations in the city. A report from the analysts said Uber’s app downloads initially slid after Bolt’s return but has since recovered. Bolt has raised nearly $200 million in funding according to Crunchbase data, compared to Ola’s $3.8 billion in funding.

Bolt CEO Markus Villig image: Bolt

Reports have suggested (paywall) Ola plans to launch in London by the end of this year. Backed by billions in funding, the company possibly stands a better chance of competing with Uber in the English capital.

Uber recorded $3.1 billion in revenues in the first quarter of this year, up 20% from the same period last year. Although Ola — as a private company — isn’t obligated to and doesn’t release its financial results, the company’s revenue is likely some figures lesser compared to that of Uber.

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