4th March 2015 | Mumbai | Investment Banking
Serendipity Infolabs Pvt. Ltd., the company behind India’s leading online cab aggregation service Taxi For Sure has entered into a definitive agreement for the sale of 100% of its shareholding to Mumbai based ANI Technologies Pvt. Ltd. (Ola)
Taxi For Sure pioneered the operator-led cab aggregation model in India and currently has 18,000 cabs registered on its platform across 47 cities. While Ola and Taxi Fore Sure will continue to operate separately, the combined entity will have a clear leadership in the domestic tech-backed transportation market.
Avendus Capital was the exclusive financial advisor to this transaction
This deal marks the 15th deal closure in the current fiscal year for Avendus in the Digital and Technology space. Avendus is a leading advisor in the Digital & Technology sector and has advised on 35+ deals in the past 5 years. Last year the firm has concluded 31 deals across various industries and was amongst the top two financial advisors by overall number of deals in India (as per Mergermarket for CY 2014).
About Taxi For Sure
Taxi For Sure started operations in 2011 and is India’s leading online cab aggregation Company. It works with various taxi fleet operators and enables them with technology to ensure that customers get reliable services. It currently operates services in 47 cities. Customers can book taxis for point-to-point hires, local packages and outstation and airport transfer taxis across various car types.
For more information, please visit www.taxiforsure.com
Founded in December 2010, Ola currently operates around 100,000 vehicles on its platform across 67 cities. The company works mostly with driver-entrepreneurs. Investors in Ola include SoftBank, Tiger Global, Matrix Partners, Sequoia Capital and Steadview Capital.
For more information, please visit www.olacabs.com
About Avendus Capital Pvt. Ltd. (“Avendus Capital”)
Avendus Capital Pvt. Ltd is a leading financial services firm, which alongwith its associates, provides customised solutions in the areas of financial advisory, equity capital markets, alternative asset management and wealth management. The firm relies on its extensive track record, in-depth domain understanding and knowledge of the economic and regulatory environment, to offer research based solutions to its clients that include institutional investors, corporations and high net worth individuals/families. In recent years, Avendus Capital Pvt. Ltd. has consistently been ranked among the leading corporate finance advisors in India and has emerged as the advisor of choice for cross-border M&A deals, having closed around 40 cross-border transactions in the past 5 years. Avendus PE Investment Advisors Pvt. Ltd. manages funds raised from its investors by investing in public markets, while Avendus Wealth Management Pvt. Ltd. caters to investment advisory and portfolio management needs of Family offices and Ultra High Networth Individuals / families, spanning all asset classes. Headquartered in Mumbai, the firm has offices in New Delhi and Bangalore.
Avendus Capital, Inc (US) and Avendus Capital (UK) Pvt. Ltd. located in New York and London respectively are wholly owned subsidiaries of Avendus Capital Pvt. Ltd offering M&A and Private Equity syndication services in the respective regions. Avendus Capital, Inc (US) also provides wealth management services in select jurisdictions in USA.
For more information, please visit www.avendus.com