Ola Cabs acquires TaxiForSure

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