The company, which already has 10,000 drivers in British cities such as Liverpool, Reading and Bristol, is willing to compete at the expense.
While prices are to be compared with Ubers in the long run, Ola plans to offer discounts when it first enters the London market. It will also give motorists a bigger cut on their trips, which can help with recruitment.
The arrival of companies like Ola can in the short term push Uber, analysts at Morgan Stanley said in a note last month.
Uber's race in London has not been easy.
The city gave Uber a shock in 2017 when it refused to renew its license and said the Company was not "fit and proper". Uber appealed the decision and was later allowed to operate for 15 months.
Shorter licenses that span months, not years, have since become the norm for riders. Ola's license also runs for 15 months.