New Delhi: Ride-Hailing Aggregator Ola announced Tuesday that it has acquired Geospok with the aim of developing next-generation location technology. In a tweet, OLA founder and CEO Pavish Agarwal wrote: “The new mobility will require better, newer maps and geospatial services. We are taking the first step to acquire and build Geospok.”
The new mobility will require better, newer maps and geo-services. We are taking the first step in creating these by purchasing OoGooSpoc. Look forward to working with @ Thuruvarajan Team to create the future of location services! https://t.co/HLuegI3vcPpic.twitter.com/9rB8SC6J1Z
– Pavish Agarwal (@bash) October 5, 2021
Geospack is part of UNICEF’s innovative funding and capabilities investments.
Mr. Agarwal, in a blog post, said that advances in satellite imagery would require next-generation technologies for real-time and 3D, HD and vector maps. “Truva Rajan and his team of geologists and engineers will work with Ola to develop technologies.
He added that in the coming years, the maps will need to be improved in a variety of ways, such as “high user environment, multi-modal transport options, three-dimensional vision, satellite imagery and real-time updates for autonomous driving”.
“Improved geo-spatial services will go a long way in improving urban planning, including road networks, better public transportation and pre-traffic locations,” said Ola CEO.
Ola plans to go public next year, but the actual date for the initial public offering (IPO) has not yet been decided.
Ola is backed by Japan’s Softbank team and competes with Uber Technologies. In July, private equity firms Temasek and Warburg Pinks invested about $ 500 million more in Ola than its planned IPO.
Last week, Ola Electric raised more than $ 200 million under the leadership of Falcon Edge, Softbank and others, valued at $ 3 billion.
Also Read: Ola Electric Falcon Edge, Softbank Receives $ 200 Billion to $ 3 Billion
Finally, both Ola and Ola Electric release their respective projects in public.