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Taxi aggregator Ola to acquire rival TaxiForSure: Report

SoftBank-backed online cab booking service Ola is close to buying out its Bangalore-based rival TaxiForSure, reports The Times Of India citing sources. It says the deal is already closed and a formal announcement is expected in the next few weeks, adding that the deal will be a mixture of cash and equity. The report pegs the deal size at around $200-$250 million while its sister publication Economic Times pegs the deal at about $200 million. TaxiForSure has declined to confirm or deny this to Medianama while we are still awaiting a response from Ola. Ola has declined to comment on this to ET. TaxiForSure had last raised an undisclosed amount of Series C investment from Accel Partners, Bessemer Venture Partners & Helion Venture Partners in August last year, just three months after securing $10 million investment whereas Ola had raised a major $210 million round led by SoftBank in October last year, two months after it had raised Rs 250 crore from Steadview Capital, Sequoia Capital & Tiger Global. A source told TOI that TaxiForSure had also recently raised a bridge round of $20 million from existing investors and was looking for additional funding to compete with Ola and Uber, however it later opted for a sale with existing investors also preferring a consolidation deal. It's worth noting that Ola and TaxiForSure doesn't have any common investors. Taking on Uber If the deal does go through, this acquisition could strengthen Ola's leadership in the rapidly growing transport aggregation segment in the country. The company is currently operational in 50 cities while Uber is present in around…

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