Arvind Singhal, CEO of TaxiForSure, has stepped down from his position as CEO. 4 months ago, when Ola cabs acquired TaxiForSure, for $200 million, the then COO (Chief operating officer) Arvind Singhal was appointed as CEO. Pallav Singh, who has been with Ola for a long time now would the CEO of TaxiforSure.
TaxiForSure, a Bangalore-born start-up, founded by Aprameya Radhakrishna and Raghunandan G in 2011, was India’s second largest on-demand cab hailing service provider until it got acquired by Ola.
As per the deal, TaxiForsure, was supposed to be working independently. However, Ola’s statement said that the company saw significant benefit in merging teams such as product and engineering from the two brands. The statement added that TaxiforSure would continue to operate independently and would target economy class cab segment.
After the acquisition, a large portion of employees from Taxiforsure including senior managers and executives quit their jobs. Ganesh Venkatraman, Amitava Ghosh, Hari TN, Randeep Singh and Nitin Pulyani who were Chief financial officer,chief technical officer, human resources head, chief marketing officer and product manager respectively at TaxiforSure said to have resigned from their positions post acquisition.
Ola, a week ago launched an integrated app that enabled users to book TaxiForSure cabs too.
Uber, Ola’s rival, has expanded its business across other 18 states and has invested $50 million to set-up a technology center in India and is planning to expand its presence to China as well.
In another move, TaxiForSure has planned to bring the number of branch chiefs who look after city-specific operations, to 10 from more than 20 to improve its operations.
Ola with a fleet of around 2,00,000 vehicles spread across 100 cities is b acked by leading venture capitals and names such as Japan’s Softbank and has angel investors such as Tata Sons’ Ratan Tata and Former Vodafone Global CEO Arun Sarin, who is also an independent director at the firm, backing it.