Ola Cabs’ parent ANI Technologies has obtained a geo-analytics technology platform, GeoSpoc, as it seeks to improve geospatial settings and abilities for its platforms. Ola did not reveal the fiscal aspects of the dealing.
The acquirement will support platforms like Ola and Ola Electric to produce improvements in transforming satellite representation into real-time maps and 3D, high-definition (HD), and vector maps, stated Ola founder and chief executive, Bhavish Aggarwal, in a blog post on Tuesday.
This will support Ola’s platform better understand road quality and enhancements such as dodging inadequately lit streets at night for protection, even if it is the faster way.
With the takeover, GeoSpoc’s investors will be dispersing the startup, and its team will be linking with Ola.
“Multi-modal transportation options will need geo-spatial intelligence to understand the unique benefits of each option and provide suggestions accordingly. Maps will need to consider a three-dimensional view of the world as aerial mobility models such as drones become more mainstream. (Further) autonomous driving will need HD and 3D maps which will offer superior visualization, dynamic real-time updates based on road, traffic and weather conditions,” said Aggarwal, affirming the goals for the acquisition in the blogpost.
In 2018, Ola also obtained Ridlr, held by Birds Eye Systems Pvt. Ltd, to enhance its navigation technology. Ola has made almost eight additions in the past to develop its ecosystem of products varying from transport, food tech to fintech, according to data from market analysis platform Traxcn.
Past acquisitions include car rental aggregator, TaxiForSure, its food ordering and delivery platform, Foodpanda and its mobile wallet solution Zip Cash. Recently, Mint reported that Ola Cabs has begun hiring investment banks and lawyers to work on its plans for an IPO that could see the ride-hailing company raise between $1.5 billion and $2 billion.
It had shortlisted investment banks including Kotak Mahindra Capital, Citigroup and Morgan Stanley, Mint reported. The company is due to submit its draft IPO documents this month as it gears up for its public debut early next year. Last month, investors Temasek Holdings and Warburg Pincus invested $500 million in ANI Technologies. Aggarwal also took part in the round. According to Tracxn, he currently owns a 7.9% stake in the 11-year-old company.