Last Updated on 22/11/2021 by Sanskriti
Ola has purchased GeoSpoc, a supplier of geospatial services, to develop the next generation of location technology, which will include real-time, three-dimensional, and vector maps. The financial details of the deal have not been disclosed yet by Ola.
Ola CEO Bhavish Aggarwal said in a blog post on Tuesday that CEO Dhruva Rajan and his team of geospatial scientists and engineers will join the journey to build solutions that “will make mobility universally accessible, sustainable, customized, and easy.”
This will aid Ola’s platform in providing a better knowledge of road quality, as well as enhancements such as avoiding poorly lighted areas at night for safety reasons – even if it is a faster route.
Aggarwal in a blog post, reasons for acquisition “Multi-modal transportation options will need geospatial intelligence to understand the unique benefits of each option and provide suggestions accordingly. Maps will need to consider a three-dimensional view of the world as aerial mobility models such as drones become more mainstream. (Further) autonomous driving will need HD and 3D maps which will offer superior visualization, dynamic real-time updates based on the road, traffic, and weather conditions.”
The transaction between Ola and GeoSpoc comes as the Bengaluru-based firm prepares to go public early next year. On the strength of strong scooter sales, Ola Electric, the company’s EV unit, recently secured $200 million at a $3 billion value.
The company’s business, which was hit hard by the epidemic, is also showing signs of recovery. In fact, according to Aggarwal on September 7, the gross merchandise value (GMV) of Ola’s cab company surpassed pre-pandemic levels in August. He had stated that recovery from the second Covid-19 wave was three times faster than the first wave of infections last year.
Ola Cars, a new division of Ola, has just entered the used vehicle sales sector.