Mobile app based taxi booking service Ola has acquired cab aggregator service Taxiforsure for $200 million. With this deal, Ola aims to strengthen its presence.
Ola and TaxiForSure both will continue to operate as separate entities in country. Ola’s COO Arvind Singhal will take over as CEO of TaxiForSure. TaxiforSure co-founders will move to advisory roles.
“Ola and TaxiForSure share the same vision of revolutionising 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 realising our common vision,” said Bhavish Aggarwal, Co-founder and CEO, Ola in a prepared statement.
Taxiforsure raised more than $50 million from Accel, Helion and BVP. These investors will get stocks in Ola as a part of the deal. Ola is also looking to raise $500 million at $2 B valuation.
Taxiforsure currently operates in 47 cities with 15000 vehicles registered in its platform. Ola is competing with Meru Cabs and Uber in India.
