On Wednesday, Ola announced that it is going to shut down its TaxiForSure operations, and as per reports, it will also lay off around 700-1000 employees. A year and a half back, the taxi aggregator Ola had acquired TaxiForSure for $200 million to gain market leadership against rival Uber. It was one of the biggest acquisitions in the domestic consumer internet space. However, since buying TaxiForSure, Ola has been gradually reducing the company’s operations.
Ola has further said that it is offering “enhanced severance benefits and outplacement services” to help affected employees pursue new career opportunities. When the news came out, it was also trending on Twitter.
Earlier this year, the brand had also acquired Micro to take on Uber. It launched the category, pricing it cheaper than their ‘Mini’ at about Rs 6 per km.