The service has been initially rolled out for users in Bengaluru, with Hyderabad, Mumbai, and New Delhi to follow shortly, the company said in a statement.
Ola Drive will appear as a new category on the Ola app. The service is being rolled out to users in Bengaluru through pick-up stations located across different residential and commercial hubs.
Users can choose to book a car of their choice for as little as two hours by paying a security deposit starting at Rs 2,000.
Ola said it intends to host a fleet of 20,000 cars by 2020 to build and scale up the Ola Drive service across several Indian cities.
"Ola Drive will play a transformative role in defining India's car-sharing market in the next decade," said Arun Srinivas, Chief Sales and Marketing Officer at Ola.
"In the first phase of its roll-out, Ola Drive will be offered as a short-term self-drive car-sharing service as we look to introduce long-term subscription, corporate leasing, and more options in the times to come," he said.
All Ola Drive cars across segments will come equipped with Ola's connected car platform 'Ola Play', enabled through a 7-inch touchscreen infotainment device, and will include GPS, media playback, and Bluetooth connectivity, the company said.
Users will also have access to the platform's support and safety features such as a 24/7 helpline, emergency button (which prompts an immediate call from Ola's dedicated safety response team) and real-time tracking.
The service will also include roadside assistance, to ensure a reliable, secure and comfortable driving experience, the company added.
( With inputs from IANS )