Ola buys JioSpoke to develop next-generation location technology

Ola is planning to go public next year, but the actual date of the IPO is yet to be decided.

New Delhi: Ride-hailing aggregator Ola on Tuesday announced that it has acquired Geospoke with an aim to develop next-generation location technology. In a tweet, Bhavish Agarwal, Founder and CEO, Ola, wrote: “New mobility will require better, new maps and geospatial services. We are taking the first step to build on these by acquiring Geospoke.”

Geospoke is part of UNICEF’s Innovation Fund Investments in Skills and Connectivity.

Mr Agarwal also said in a blogpost that next-generation technologies will require satellite imagery conversion as well as advances in 3D, HD and vector maps. “Dhruv Rajan and his team of geospatial scientists and engineers will join Ola to develop technology that will make mobility in shared and personal vehicles universally accessible, sustainable, personalized and convenient,” he added.

He further said that in the coming years, the maps will need to be improved in a variety of ways such as “high user context, multi-modal transport options, three-dimensional views, satellite imagery and real-time updates for autonomous driving”.

“Advanced geospatial services will go a long way in improving urban planning including road network, better public transport and pre-emptive congested spaces,” said Ola CEO.

Ola is planning to go public next year, but the actual date for the initial public offering (IPO) is yet to be decided.

Ola is backed by Japan’s SoftBank Group and competes with Uber Technologies. In July, private equity firms Temasek and Warburg Pincus invested nearly $500 million in Ola ahead of its planned IPO.

Last week, Ola Electric raised more than $200 million in funding led by Falcon Edge, SoftBank and others at a $3 billion valuation.

Read also: Ola Electric receives $200 million from Falcon Edge, SoftBank

After all, both Ola and Ola Electric have their own plans to go public.

Back to top button