Ola Acquires Taxiforsure For $200 Mn


BENGALURU: Leading mobile application provider for personal transportation Ola on Monday announced it was buying out leading cab aggregator TaxiForSure for $200 million in a cash and equity deal.

"The deal will make us market leader in the personal transportation space with one lakh vehicles on our mobile platform and deepen our footprint with TaxiForSure operator," the Mumbai-based Ola said in a statement here.

Ola is also in talks to raise another $500mn round at more than $2Bn valuation. Given the growth in this space, this is surely a premature exit for TaxiForSure. 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.

According to Raghunandan G, Co-founder and CEO, TaxiForSure the brands coming together will provide more opportunity than ever to do what they do best. "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."
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Source: IANS