Online Taxi-service aggregator Olacabs on 2 March 2015 acquired Bengaluru-based rival TaxiForSure in a cash and equity deal worth 200 million US dollars. This is the first major acquisition in the taxi-aggregator space in India.
As per the acquisition, the leadership and all 1700 employees of TaxiForSure will continue to work with the company. Both the entities are going to operate as individual entities even after the acquisition.
Customers of the TaxiForSure can continue to book a cab through the app, and the call centre and drivers will continue to get access to customers on TaxiForSure’s technology platform.
With this acquisition, Ola’s platform of 100000 vehicles will be enhanced by other 15000 vehicles of TaxiForSure.
Olacabs was founded in 2010 by two IIT Bombay graduates, Bhavish Aggarwal (CEO) and Ankit Bhati. Its headquarter is located in Bengaluru, Karnataka.
At present, Olacabs as cab aggregator is market leader in the personnel taxi hiring segment with 1 lakh registered vehicles platforms.
Founded in 2011, TaxiForSure is a taxi aggregating marketplace which allows its customers to book a taxi in over 47 cities.
With a fleet of 15000 cars, the company offers a range of cars like Tata Indica, sedans such as Mahindra Logan, Swift Dzire, and Toyota Etios, SUVs like Tata Innova and Mahindra Xylo, and premium cars from BMW, Jaguar, and Mercedes.