After e-retailers, it’s consolidation time for the online taxi industry, reports fe Bureau in Bengaluru. On Monday Ola, the leading provider of mobile app-based personal transportation, announced its buying of TaxiForSure, India’s second largest cab aggregator, for $200 million. It is the biggest acquisition in the domestic consumer internet space after Flipkart’s acquisition of online fashion store Myntra last May. Much like Flipkart and Myntra, Ola and TaxiForSure will continue to function as independent entities. But unlike Myntra co-founder Mukesh Bansal, who has risen the ranks in Flipkart to oversee its day-to-day functioning, TaxiForSure co-founders Aprameya Radhakrishna and Raghunandan G will exit the company after ensuring a smooth transition. They will contribute in an advisory role for a certain period while present chief operating officer Arvind Singhal will take charge as CEO of TaxiForSure. The entire senior leadership and staff of TaxiForSure will be retained.
