Ride sharing app Ola has acquired a majority shareholding in the public transport ticketing app Ridlr for an undisclosed amount.
The deal involved Ola carrying out a share swap with Matrix Partners India Investment Holdings, Qualcomm Asia Pacific, Times Internet, CIIE Initiatives, Kartheepan Madasamy and Jitendra Gupta. Ola will issue series I5 preference shares to the sellers in exchange.
Ola said the acquisition was in line with its efforts to integrate its platform with public transportation infrastructure.
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J Sagar Associates (JSA) advised Ola on the deal. The JSA team comprised partners Vivek K Chandy and Archana Tewary, senior associate Sindhu Nayak and associate Astha Srivastava. Rajaram Legal represented Ridlr and Spice Route Legal represented Ridlr co-founder Ravi Khemani.
Ridlr’s team of 64 employees will be joining Ola, while Ridlr founder Brijraj Vaghani will continue leading its operations.
The ticketing company has partnerships with BEST, Delhi metro and Mumbai metro.
Ridlr was established in 2012 and enables users to search and book public transport options on their mobile phones.
Ola had re-entered the food delivery market in December 2017 with its acquisition of Foodpanda India from its German parent, Delivery Hero, for US$40 million. [/ihc-hide-content]
