To be available free of cost, CarPool will help citizens comply with the state's first of its kind experiment to implement the odd-even formula for private cars starting January 1, 2016, Ola said in a statement.
The move by the Delhi government is aimed at curbing road congestion and pollution in a significant manner.
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Hosts can also choose to share their ride with anyone outside of their friends.
"All of Ola's safety features including Track your Ride, Share Ride Details, 24X7 customer care support, SOS, Emergency Contacts and In-trip feedback are available on CarPool as well," Ola said.
Ola's rival Uber had recently launched a similar service where private car owners can offer rides to others using its platform.
"CarPool will bring economy, convenience and the comfort of travelling with friends even to those who drive their own vehicles," Ola Category Head (Shared Mobility) Ishan Gupta said, adding that the move has the potential to unlock massive idle transportation inventory in cities.
Most private vehicles, for the lack of better options, see only 25 per cent utilisation of capacities.
First time hosts can register by feeding their vehicle details on the Ola app and make themselves available by clicking on 'I am driving' and entering their destination.
Users who want a ride can click on 'I need a ride' mentioning their drop location.
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