Ola says goodbye to TaxiForSure; 1000 employees to be dropped off

After a little over one year of accepting TaxiForSure's ride, OlaCabs has decided to cancel the deal and drop it off mid-way. 

Media reports suggest that OlaCabs has shut down TaxiForSure, a company it paid $200 million in cash to acquire in March 2015. 

Reports further suggest that nearly 1000 employees of the taxi-app company will be laid off. 

About 90% of the staff is being laid off from TaxiForSure works in the company’s call centres, driver relations and business development units. The employees that are being retrenched are located across a dozen cities and are being given three months’ salary as compensation which includes current and former employees of the cab hailing company, added a TechCircle story. 

Ola has been trying to raise large fund for quite sometime and so far has bagged around $1.2 billion from investors which also includes Soft Bank Group Corp. During the last time of funding the cab-app was valued at $5 billion.