The company will also launch a new mobile app and recast operations.
With an estimated worth of $9 billion (Rs 54,000 crore), India’s taxi market has a huge potential for growth. Only four to six per cent of the industry is organised, and experts hold the opinion that there will be further consolidation of the taxi market with the smaller players working with the market giants to build individual brands.
The Bengaluru-based startup, TaxiForSure, was acquired by market leader Ola, in March 2015, to compete against the San Francisco startup, Uber. Fighting for a larger share of the Indian taxi app market, TaxiForSure, will hire more people and offer aggressive discounts to passengers in the coming month, according to a top company executive.
Currently, one fourth the size of Ola, which has about 44,000 drivers on its network, TaxiForSure will hire 150 engineers this quarter and launch a new mobile application, as it recasts operations with a new chief executive, Arvind Singhal, following the exit of founders Aprameya Radhakrishna and Raghunandan G from the four-year old company.
Last week, Ola had announced that it had raised Rs 2,500 crore from Singapore’s GIC, DST Global and New York-based hedge fund, Falcon Edge Capital. A fourth of the capital is expected to be used to expand TaxiForSure’s brand and reach.