Ola, also known as Olacabs earlier, has acquired country's second largest cab aggregator - TaxiForSure - for a massive sum of $200 mn in a cash and equity deal. Being a mobile app for personal transportation, Ola has over 1 lakh vehicles on its platform for personal transportation currently in India. Now, with TaxiForSure's operator led model, it has further strengthened its position in the country.
Bhavish Aggarwal, Co-founder and CEO, Ola said, "Ola and TaxiForSure share the same vision of revolutionizing urban mobility. TaxiForSure has a great team and they have built a very exciting business in a short time. There's a lot of complementary value in the strategy TaxiForSure has followed. I'm very excited to welcome the TaxiForSure team onboard and look forward to working with them towards realizing our common vision." However, both Ola and TaxiForSure would operate as individual entities. The leadership and all of the 1700 employees shall continue to work with TaxiForSure, with Arvind Singhal (currently COO) been appointed the CEO.
Aprameya Radhakrishna and Raghunandan G, the founders of TaxiForSure, will contribute in an advisory role for a certain period. TaxiForSure is currently in 47 cities with over 15,000 vehicles registered on its platform. "Post this acquisition; the combined entity will be strong enough and better capitalized to offer the best value to all our stakeholders, including our customers. This development ensures that industry attractiveness is preserved and the combined entity can race ahead and continue to create unprecedented value for all stakeholders," said Raghunandan G, Co-founder and CEO, TaxiForSure.