April 3: Ola has put all the rumors to rest by confirming its acquisition of startup firm Ridlr. With the confirmation, Ola has also sparked the possibilities for an entry into the public transportation domain, a big jump from the current range of services it offers.
Public transport portal Ridlr currently offers ticket purchases in public transport in 17 Indian cities. Additionally, they also offer traffic congestion monitoring using its IoT resources.
At present, Ola offers multiple services alongside its flagship ride-sharing service like food delivery, bike-sharing and mobile wallet. With the acquisition, Ola might hope to expand its ride-sharing service into a complete travel solution with a focus on end-to-end journey covering buses and train travels. Additionally, Ola could also expand its navigation with the input of IoT resources from Ridlr.
Ola, however, hasn’t gone into details about how it would be utilizing the new acquisition. The company has though said that Ridlr will help bring new technology and mobility options that will aid in Ola’s expansion to other cities in India as well as abroad.
Ola also hasn’t revealed the financials regarding the deal. However, according to the report from TechCrunch, the deal is an all-stock worth close to $50 million, which is way more than the figures that were assumed previously. This doesn’t turns out to be the biggest acquisition of Ola however.
The company had earlier purchased rival platform TaxiFor Sure for $200 million in 2015, and it was followed by the acquisition of FoodPanda during December 2016. As with Ridlr, the company had previously raised over $6 million from top investors including the likes of Qualcomm Ventures and Times Internet.