Following its sale to larger rival Ola, TaxiForSure co-founders Raghunandan G and Aprameya Radhakrishna have quit the company reports TechCircle. Earlier in March, Ola acquired the Bangalore-based online cab booking service for $200 million in a cash and equity deal and at the time it was announced chief operating officer Arvind Singhal would be appointed as the chief executive of the company while Raghunandan and Radhakrishna would move into advisory roles at the firm.
TaxiForSure was in a way forced to sell after their fund raising plans were dashed following the regulatory upheaval in the aftermath of the rape of a woman by one of Uber’s drivers. The deal is the third largest merger in the Internet services space in India (Flipkart and Myntra’s deal was the largest followed by Snapdeal buying FreeCharge). Under Ola, TaxiForSure still operates as a separate entity and it’s worth noting that last week Ola had raised $400 million and $100 million was earmarked for TaxiForSure. TechCircle also added that the co-founders now own 0.8% stake in Ola which is currently worth just over $19 million (around Rs 120 crore).
Ola currently operates over 1,00,000 vehicles in India and is operational in more than 85 cities. At the time of the sale, TaxiForSure was operational in 47 cities with fleet of about 15,000 vehicles. In January, TaxiForSure introduced an auto rickshaw booking service on its mobile app and mobile site, two months after competitor Ola launched it. The service is currently available in Bangalore with plans to expand it to other cities in the forthcoming months.