Olacabs acquires TaxiForSure
Online cab aggregator Olacabs has acquired TaxiForSure for $200 million cash and equity deal.
After the acquisition both entities are going to operate as a separate entity. But as per acquisition deal the leadership and all 1700 employees of TaxiForSure will continue with the company. While, Arvind Singal has been appointed as CEO of TaxiForSure and its founders Aparmeya Radhakrishna and G. Raghunandan for certain period will contribute as advisory role.
At present Olacabs as cab aggregator is market leader in the personnel taxi hiring segment with 1 lakh registered vehicles platforms. While, TaxiForSure has 15000 registered vehicles in same platform and is present in 47 cities across India.
- Olacabs was founded in 2010 by two IIT Bombay graduates, Bhavish Aggarwal (CEO) and Ankit Bhati.
- Its headquarter is located in Bengaluru, Karnataka.
Categories: Business & Economy Current Affairs 2017