India’s largest mobile app cab service provider Ola has acquired its nearest rival TaxiForSure for Rs 1240 crore or USD 200 million (1USD-Rs 62), leaving Uber far behind.
As stated, after this acquisition, Ola and TaxiForSure will operate as separate entities.
Ola was founded by IIT Bombay alumni Bhavish Aggarwal and Ankit Bhati in January 2011. Recently they have been funded by Japanese based SoftBank worth USD 210 million. Ola has also been funded by Tiger Global, Matrix Partners, Sequoia Capital, Steadview Capital.
TaxiForSure was founded by IIM-Ahmedabad graduates Raghunandan G and Aprameya Radhaksihnan in the year 2011. It operates now in 47 cities and has over 15000 vehicles registered. TaxiForSure funded by Accel partners, Bessemer Venture Partners and Helion Venture Partners.