Both the companies act as aggregators of radio taxis and the move is seen as a strategy to counter Uber in India.
Online cab and taxi booking aggregator Olacabs is in advance talks to acquire Bangalore-based TaxiForSure, as per various media reports citing sources.
Both the companies act as aggregators of radio taxis and the move is seen as a strategy to counter global giant Uber in India. They are on an aggressive expansion mode in tier 2 and tier 3 cities.
Both TaxiForSure and Olacabs have declined to comment on the development stating that the news is speculative and refrained from responding on the matter.
As per the various media reports, the deal is pegged at around $200 million.
Olacabs was founded by IIT Bombay alumnus Bhavish Aggarwal and Ankit Bharti. TaxiForSure was founded by IIM Ahmedabad alumni Raghunandan G and Radhakrishna. Both the companies launched their operation in 2011.
TaxiForSure was recently in news for looking to raise more than $100 million in its Series D round of funding from foreign PE investors and hedge funds. The firm is backed by Accel Partners, Helion Venture Partners, Blume Ventures and Bessemer Venture Partners.
Olacabs, on the other hand, raised $210 million last year from Japan's SoftBank. Existing investors Tiger Global, Matrix Partners and Steadview Capital also participated in the round.
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