India’s online cab service Ola buys rival TaxiForSure for $200 million

By: |
Published: March 2, 2015 2:54:12 PM

App-based cab service Ola has bought rival TaxiForSure for $200 million as it eyes a bigger share in India...

Ola cabs, ola apps, ola offers, ola cabs apps, ola cab service, uber cab, taxi for sure, cab appsApp-based cab service Ola has bought rival TaxiForSure for 0 million. Reuters

App-based cab service Ola has bought rival TaxiForSure for $200 million as it eyes a bigger share in India’s fast-growing online taxi services industry, where it competes with local players as well as Uber, the U.S.-based online taxi-hailing company.

The deal by Ola, backed by Japan’s SoftBank Corp, is among the biggest in India’s startup industry after Flipkart’s < IPO-FLPK. N> purchase of Myntra for about $300 million in May last year.

Ola and TaxiForSure will continue to operate as separate entities, the companies said in a statement.

With the acquisition, investors in TaxiForSure will roll over their stock into Ola, the company said.

Raghunandan G, chief executive of TaxiForSure, will step down and Arvind Singhal, currently COO, will become its CEO. The company will retain all of the 1,700 employees, the statement said. (Reporting by Nivedita Bhattacharjee in Mumbai; Editing by Gopakumar Warrier)

For latest coverage on Maharashtra Assembly Election 2019 and Haryana Assembly Election 2019, log on to financialexpress.com. We bring you full coverage of Assembly Election 2019 on Financial Express, stay tuned for latest election updates.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.