Ola takes over GeoSpoc to boost real-time mapping proficiency
- ByStartupStory | October 6, 2021
Ola, an internet-based taxi aggregator announced the acquisition of GeoSpoc, a Pune-based geospatial service provider. Under this deal, GeoSpoc co-founder Dhruv Rajan and his team of scientists and engineers will join Ola.
The deal will work on the development of technology that will make mobility easy, sustainable, personalized and convenient. This technology will be used in both shared and private vehicles. The company has not disclosed other terms of the deal.
The acquisition comes at a time when Ola Electric is close to raising $220 million from Falcon Edge, SoftBank and other investors at a valuation of $3 billion.
Established in the year 20214, Geospoke specializes in GeoGraphic Information Systems and location based technology. The company currently does business in countries like India, USA, England, Finland. The company’s customers include the names of Swiggy, TomTom, Starbucks, State Bank of India, Bajaj Finserv, Munich RE and Bajaj Allianz.
Significantly, Ola is focusing on the growth of its mobility business. The company believes that with the introduction of electric vehicles in the market, there is a huge potential for growth in this business going forward. Keeping this in mind, the company has made this acquisition.
In September, Ola CEO Bhavish Aggarwal said that Ola provides multi-modal mobility facilities to 100 million people through taxis, auto rickshaws, two wheelers, day hire, outstation rides. But it has covered only 7 percent of the country’s population in the category of customers. In view of this, there is wide scope for expansion of this business. The company has also said that it is focusing on further expansion in the electric vehicle segment through scooters, bikes and cars in the coming quarters.
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