Olacabs, an online car rentals and cab services venture from ANI Technologies, has officially launched its cab service in Bangalore region. We had previously heard that the company was piloting the service in Bangalore when it had launched its Android app last month.

Olacabs said it will offer point-to-point services within the city to hour based rental services and bookings for outstation travel, with flexible options for bookings and payments. Users can book cabs either through the phone, its web portal or its real-time cab-booking mobile app available on the Android and iOS mobile platforms. The company claimed to be the first and the only online car rental service in India to launch a mobile app with realtime booking.

As we reported earlier, the mobile app allows users to locate the nearest Olacab, make bookings and receive instant booking confirmation with requisite details like name of the cab, vehicle number and expected time of the cab’s arrival. In addition, it also allows users to track cab’s incoming progress on their mobile phones.

Support for wallet? The company said that registered users can also maintain a credit balance with Olacabs to use the service as and when needed, without the need of making any physical payment to the cab driver. However, we are not sure how it works since we weren’t able to find a way to store money either through the company’s website or the Android app.

Launched in January 2011, Olacabs currently operates in Mumbai and Bangalore and intends to expand to ten cities by the end of this year. While there is no information about the Bangalore region, Olacabs had claimed to operate over 700 cabs in Mumbai as of April 2012.

Competition: Though Olacabs may be the only cab service company to have launched a native mobile app in India, other taxi services like GetMeCab offer mobile web sites which can be accessed through an internet enabled smartphone. GetMeCab had stated that it intends to launch Android and Windows Phone 7 apps in the future.

Other players in the market include Bangalore based TaxiForSure which has an inventory of approximately 1000 cars and apparently earns 90% of its business through local point to point services, YourCabs which has a fleet of approximately 1200 cars and 60% of its revenue through local bookings, TaxiGUIDE which has a fleet of 5000 cars and a coverage network of 75 cities and Savaari which has a fleet of 3000 cars in its inventory and a coverage network of 60 cities.