 "We will keep offering lowest rates: Bhavish Aggarwal")
Taxi service aggregator Ola has acquired rival TaxiForSure in a $200-million deal. The 30-year-old co-founder and chief executive of Ola, Bhavish Aggarwal, tells Digbijay Mishra what the deal means for the four-year company and why he does not think much about his rivals. Excerpts:
What was the reason for acquiring TaxiForSure?
Ola and TaxiForSure have a lot of synergies. Both share a passion to serve consumers in the best possible way. The deal will enhance our presence across the country and this is part of our plan to be in 200 cities by the end of this year.
This acquisition is not about increasing valuation but serving consumers. We will continue to offer the lowest rates after closing this deal.
Will you buy smaller regional players too?
We are open to acquisitions. There will be a mix of organic and inorganic growth for Ola.
How do you see the competition?
I don't spend time thinking about their plans. I focus on my business. We already have the majority of market share.
What does this consolidation mean for the sector?
We will continue to do business the way we have done so far. Expanding into more cities, we need to put these plans in place.
Do you foresee a fare war looming?
I can't comment on my competitor's strategy. We will offer the lowest rates. Competition is good for the industry, that is just about it.
What was the reason for acquiring TaxiForSure?
Ola and TaxiForSure have a lot of synergies. Both share a passion to serve consumers in the best possible way. The deal will enhance our presence across the country and this is part of our plan to be in 200 cities by the end of this year.
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How does your valuation change after this deal?
This acquisition is not about increasing valuation but serving consumers. We will continue to offer the lowest rates after closing this deal.
Will you buy smaller regional players too?
We are open to acquisitions. There will be a mix of organic and inorganic growth for Ola.
How do you see the competition?
I don't spend time thinking about their plans. I focus on my business. We already have the majority of market share.
What does this consolidation mean for the sector?
We will continue to do business the way we have done so far. Expanding into more cities, we need to put these plans in place.
Do you foresee a fare war looming?
I can't comment on my competitor's strategy. We will offer the lowest rates. Competition is good for the industry, that is just about it.