Taxi For Sure was a Radio and Taxi booking service that was acquired by Ola for $200 million some 18 months back. This step was taken by Ola because of the stiff competition it was facing from the Uber, an American start-up.
Even though TFS had an independent application, Ola was trying to shut it down as an independent brand and bring it under the umbrella of Ola application.
According to Economic times, Ola has shut down the Taxi For Sure business and has laid 700 employees. According to an invetor, “The total cost reduction with these layoffs is close to Rs 30 crore a month.” Official word is still awaited as Ola has not made anything public.