India’s biggest taxi app Ola has bought TaxiForSure, the country’s second largest taxi firm, in a cash and shares deal worth $200 million.
Ola, formerly OlaCabs, already has 100,000 “driver-entrepreneurs” available in 67 cities via its platform.
TaxiFor Sure operates a different model and works with 15,000 taxi operators across 47 cities
Ola has said that it will keep the TaxiForSure brand, although there is “significant complimentary value that this acquisition adds both on the supply and demand side.”
The backers of TaxiForSure will see their stock rolled over into Ola. These investors are Accel Partners, Bessemer Venture Partners and Helion Venture Partners.
Ola is backed by Tiger Global, Matrix Partners, Sequoia Capital, Steadview Capital and Softbank.
