Confirmed! Ola Acquires TaxiForSure For $200M!
Ola has today officially confirmed that it has acquired TaxiForSure for $200 million or close to Rs. 1200 Crore. Ola is already a leading cab aggregation and rental company and with acquisition of TaxiForSure, they have now moved far ahead of the competition.
According to the PR sent to us, Ola now has over 100,000 vehicles on its platform.
Interestingly, Ola and TaxiForSure will continue to operate as separate entities. The leadership and all of the 1700 employees shall continue to work with TaxiForSure, with Arvind Singhal (currently COO) being appointed the CEO. The founders (Aprameya Radhakrishna and Raghunandan G,) 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.
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.”
While both, OLA and TaxiForSure operate in same space, they are focusing on different segment of consumers and service providers. TaxiForSure is focused heavily on the economy segment of cab consumers with offerings like Tata Nanos as part of their fleet and Rs 49 as base fares in the past.
For customers, drivers and operators on the TaxiForSure platform, nothing will change. Customers can continue to book a cab through the app and call centre and drivers will continue to get access to customers on TaxiForSure’s technology platform as always.
Ola’s major competitor Uber has been having a tough time in India over past couple of months, since the rape incident. Infact, very recently Government seems to be mulling on banning Uber completely by blocking their IP address!
Now, with Ola acquiring TaxiForSure, Uber really needs to come up with some serious plans if they want to compete with Ola’s dominance. While it was rumoured that Uber is planning to acquire Meru cabs, another leading cab rental company in India, nothing seems to have materialized as yet!
Next few months are surely going to be quite interesting in this space.