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India's largest taxi-aggregator, Ola has bid adieu to its TaxiForSure (TFS) business, laying off nearly 700 employees in the process.[/caption]
Eighteen months after acquiring rival TaxiForSure for $200 million, cab aggregator Ola said it has decided to "integrate" the radio taxi service with its micro cab service after absorbing as many employees as possible and extending enhanced severance benefits to others.
Radio taxi and cab booking service TaxiForSure continues to figure on Ola app, but the icon persistently shows "no cabs".
"TaxiForSure has contributed immensely towards Ola Micro's success within a short span of time. Ola Micro has expanded to over 90 cities across India and accounts for the largest share of first-time cab users coming onto any mobility platform," the company said in a statement on Wednesday.
"With all TaxiForSure driver-partners and customers coming on board the Ola app, the integration is now complete," said the company adding that it had also absorbed the staff who can support Ola's growth.
"For positions that cease to exist as a result of this transition, we are offering enhanced severance benefits and out-placement services to help affected employees pursue new career opportunities."
The company declined comment on the fleet size of TaxiForSure, the driver-partners in the network or the back-end staff dedicated to the service. The company also did not share if it intended to do away with the TaxiForSure brand completely.
The cities served by TaxiForSure include the Delhi National Capital Region, Bengaluru, Chennai, Hyderabad, Ahmedabad, Chandigarh, Jaipur, Kolkata, Mumbai and Pune.