Ride hailing company Ola has acquired India-based operator of public transport tracking app Ridlr, backed by media firm Times Group and mobile chipmaker Qualcomm, for almost $50m, TechCrunch reported on Monday.
The acquisition was first rumoured last month, when local publication Mint described the transaction as a fire sale.
Founded in 2010, Ridlr has created a platform for users to purchase tickets valid on public transport in 17 cities across India. The platform also monitored traffic jams using internet of things technology.
Ola has not specified how exactly it intends to integrate Ridlr into its own offering, only noting that it will add new technology and features to its product and allowing it to expand into additional locations.
Ridlr will continue to operate as an independent brand for the time being. It will become a wholly-owned subsidiary of Ola’s parent company Ani Technologies.
Ridlr most recently raised $6m in a series B round led by Times Internet, the internet and e-commerce subsidiary of Times Group, with participation from Qualcomm, Matrix Partners and debt financing from Innoven Capital in 2016.
The company previously raised an undisclosed amount in a series A round backed by Qualcomm and Matrix Partners in 2014, after securing seed capital from Matrix and Indian Angel Network in 2013.