IPO-bound Ola has acquired geospatial services provider GeoSpoc in a bid to develop location and geospatial technologies and enhance its offerings.
Taking to Twitter, Bhavish Aggarwal, the CEO and Founder of Ola said: “New Mobility will require better, newer maps and geospatial services. We’re taking the first step to building these by acquiring @GeoSpoc. Look forward to working with @DhruvaRajan and team to build the future of location services!”
In a blog, Aggarwal noted that new vehicles and modes of transport will require investments in next-gen technologies, including location and geospatial technologies, and advancements in satellite imagery conversion into real-time maps as well as 3D, HD and vector maps and the acquisition is an initial step towards that.
Ola, however, did not disclose the transaction amount.
Aggarwal added that the cab aggregator has the data and the expertise to build enhanced geospatial services, utilising its understanding of consumer movements as well as its network of 2,3 and 4-wheelers that provide huge geospatial details.
“We can layer this data with new sources such as satellite imagery and visual feeds from our network on-ground to build ‘Living Maps’ that embody the changing landscape of our world,” it said.
The geospatial sector in India has witnessed growth of late. Its market in India is expected to hit INR 1 Lakh Cr by 2029-2030 from the existing level of INR 15,000 Cr.
In August 2021, New Delhi-based MapmyIndia, a digital based mapping firm filed a draft red herring prospectus (DRHP) for an initial public offering (IPO).
In a bid to bring more clarity in the regulatory scenario in the segment, the Central government in May came up with a draft National Geospatial Policy. The draft guidelines seek to liberalise the mapping industry to spur domestic innovation and enable Indian companies to compete in the global mapping ecosystem.
Oyo has been investing big in new technologies. Last month, Ola Electric launched its e-scooters, Ola S1 and the S1 Pro. On September 30, it also announced raising $200 Mn at $3 Bn valuation.
In July 2021, Bengaluru-based Ola said that Singapore government’s investment fund Temasek and Plum Wood Investment Ltd, an affiliate of Warburg Pincus, a global private equity fund focused on growth investing, are partnering with the cab aggregator for a $500 Mn investment.
As the IPO rush gains steam among tech-backed startups, Ola too is preparing to get listed next year.
In an interview with CNBC, Aggarwal had revealed its plan to list soon, wherein he said that the company plans to offer shares of both Ola and Ola Electric on the stock exchanges.