business

Ola shuts TaxiForSure, lays off 700 employees

App-based aggregator Ola has ended its TaxiForSure operations, laying off around 700 employees in the process. Ola acquired its domestic rival a year and a half ago to take on Uber. The acquisition, which cost $200 million, was to increase Ola’s market share. Since the merger, Ola has been integrating TaxiForSure with its own app or trying to bring its drivers onto its own platform.

The Economic Times reports that a top executive at the company said that Ola has been “unclear” about the brand positioning of TaxiForSure.”Silently, the TaxiForSure fleet was transferred to Ola supply and even incentives were more lucrative for Ola vs TaxiForSure.” With the layoffs, Ola will reportedly save close to ₹30 crore a month.

 

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