Ola Taxi for sureTaxi Ola with safety
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for $200 million in a money and equity transaction.
Formerly Olacabs, Ola, the portable application for individual transport, has released that it has purchased Taxibetrieb ForSure for $200 million in a $200 million strong U.S. dollar money and Equity transaction. This agreement further expands Ola's presence with TaxiForSure's user-guided vehicle offering, which is already the leading provider of face-to-face transport with more than 1-hole cars on its vehicle range.
Taxibetrieb ForSure is currently represented on its website in 47 towns and cities with over 15,000 registrated cars. ForSure and Ola will remain operating as distinct units. Management and all 1700 staff will remain with Taxibetrieb ForSure, with Arvind Singhal (currently COO) named CTO. Raghunandan G, the founder of Taxibetrieb ForSure, will act as consultants for a certain time.
Aggarwal, co-founder and chief executive officer, said Ola, Ola and TaxibetriebForSure shared the same shared visions of revolutionizing urbane transportation. Taxibetrieb ForSure has a great staff and has quickly established a very interesting company. There is a great deal of value complementing the strategies that Taxibetrieb ForSure has pursued. How will cabin managers and clients feel?
It is of significant added value that this addition contributes both on the bid side and on the enquiry side to Ola and Taxibetrieb ForSure. Taxibetrieb ForSure pursues a different pattern of bidding and distributing by working with taxi companies than Ola's pattern of working with propulsion companies. Taxibetrieb ForSure has also strongly concentrated on the taxi driver economics sector, with innovating offers such as Tata Nanos as part of its own fleets and the basic price of 49 in the past.
Nothing changes for clients, driver and operator on the Taxibetrieb TaxForSure is. Clients can still reserve a taxi through the application and call center, and the driver continues to have customer contact on TaxiForSure's technological hub. Mr. Raghunandan G, co-founder and chief executive officer, said TaxibForSure will give us more than ever the chance to do what we do best.
These developments ensure that the appeal of the sector is maintained and that the merged company can move forward and continues to deliver unparalleled value to all parties. Taxibetrieb ForSure's investor partners are Accel Partner, Bessemer Venture Partner and Helion Venture Partner. As a result of this takeover, TaxiForSure's shareholders will contribute their shares to Ola.