Taxiforsure founders exit firm

Less than two months after TaxiForSure (TFS) was acquired by larger rival Ola, its two founders Aprameya Radhakrishna and Raghunandan G have left the taxi aggregator. The duo had assumed an advisory role since March 2 when Ola announced its acquisition of TFS for $200 million in a cash and equity deal. Radhakrishna confirmed the development to FE.

TFS continues to operate as separate entity with Arvind Singhal, formerly chief operating officer, leading the company as CEO. Nearly 1,700 employees would continue to work at the firm, the company had said at the time of the deal.

TFS had started its operations in Bengaluru in June 2011 and currently is present across 47 cities with a fleet size of over 15,000 drivers. Its new owner Ola has said that the acquisition would add significant complimentary value because TFS  follows a different model of supply and distribution by working with cab operators compared to Ola’s model of working with driver-entrepreneurs.

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