New Delhi: Ride-hailing aggregator Ola on Tuesday announced that it has acquired GeoSpoc with an aim to develop next-generation location technology. In a tweet, Ola Founder and Chief Executive Officer Bhavish Aggarwal wrote: "New Mobility will require better, newer maps and geospatial services. We're taking the first step to building these by acquiring GeoSpoc."
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! https://t.co/HLuegI3vcPpic.twitter.com/9rB8SC6J1Z— Bhavish Aggarwal (@bhash) October 5, 2021
GeoSpoc is part of UNICEF's Innovation Fund Investments in Skills and Connectivity.
Mr Aggarwal, in a blogpost, also said that advancements in satellite imagery conversion into real-time as well as 3D, HD and vector maps will be required for the next-gen technologies. "Dhruva Rajan and his team of Geospatial scientists and engineers will be joining Ola to develop technologies which will make mobility universally accessible, sustainable, personalised, and convenient, across shared and personal vehicles," he added.
He further stated that in the coming years, maps will need to improve in a variety of ways such as "high user context, multi-modal transportation options, three dimensional view, satellite imagery and real time updates for autonomous driving."
"Enhanced geo-spatial services will also go a long way in improving urban planning including road networks, better public transportation and pre-empt congestion spots," the Ola chief executive said.
Ola plans to go public sometime in next year, but the actual date for the initial public offering (IPO) hasn't been decided yet.
Ola is backed by Japan's Softbank Group and competes with Uber Technologies. In July, private equity firms Temasek and Warburg Pincus invested about $500 million in Ola ahead of its planned IPO.
Last week, Ola Electric had raised over $200 million in funding led by Falcon Edge, Softbank and others, at a valuation of $3 billion.
Eventually, both Ola and Ola Electric have their respective plans to go public.