Ola Cabs acquires TaxiForSure : The Tribune India

Join Whatsapp Channel

Ola Cabs acquires TaxiForSure

NEW DELHI: Ola Cabs has acquired its rival TaxiForSure in a cash and equity deal worth $200 million.



New Delhi, March 2

Ola Cabs has acquired its rival TaxiForSure in a cash and equity deal worth $200 million.

"Furthering its mission to revolutionise personal transportation in the country, Ola announced that it has acquired TaxiForSure for $200 million in a cash and equity deal," the company said.

With this deal, Ola has further deepened its footprint with TaxiForSure’s operator-led model, the company added.

Following the announcement, Ola and TaxiForSure will continue to operate as separate entities.

"The leadership and all of the 1,700 employees shall continue to work with TaxiForSure, with Arvind Singhal (currently COO) being appointed the CEO. Aprameya Radhakrishna and Raghunandan G, the founders of TaxiForSure, will contribute in an advisory role for a certain period," Ola said.

Commenting on the acquisition, Ola Co-founder and CEO Bhavish Aggarwal said: "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." "Post this acquisition, the combined entity will be strong enough and better capitalised 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," TaxiForSure co-founder and CEO Raghunandan G said. PTI

Top News

Chief Judicial Magistrate's court in UP's Banda orders judicial inquiry into death of gangster-politician Mukhtar Ansari

UP court orders judicial probe into gangster-politician Mukhtar Ansari’s death, seeks report in a month

Ghazipur MP Afzal Ansari on Tuesday alleged that his brother...

‘Heart attack or poisoning’: The life and times of Mukhtar Ansari—crime and politics

‘Heart attack or poisoning’: The life and times of Mukhtar Ansari—crime and politics

Eastern parts of Uttar Pradesh are among the poorest regions...

CBI files chargesheet against 20 institutes, 105 individuals in Himachal Pradesh multi-crore scholarship scam

CBI files chargesheet against 20 institutes, 105 individuals in Himachal Pradesh multi-crore scholarship scam

22 educational institutions were on CBI radar in the scholar...

Mahagathbandhan announces LS seat-sharing for Bihar; RJD to contest 26, Congress 9

Mahagathbandhan announces Lok Sabha seat-sharing for Bihar; RJD to contest 26, Congress 9

High-decibel contest seems on the cards in Hajipur, where RJ...


Cities

View All