Ola Acquires Geospatial Provider GeoSpoc to Build New Mobility Maps
GeoSpoc is a familiar name around the PACT offices. Way back in February of 2020, they pitched at our Top Pitch event and won. That was step 1. As a result of that victory, they were given an automatic entry to pitch at our 2020 Capital Conference. Step 2 completed. Now just one year later, they have successfully exited! Congrats on such a meteoric rise.
You can view the full press release below. Also check out the GeoSpoc Blog for more about the acquisition.
So now the question is, who will be the GeoSpoc of the 2021 Capital Conference? We are very close to announcing all of our pitch companies but in the meantime, tickets are on sale if you want to join us. Check out the CapCon website for all of the details: pactcapconf.com
New Delhi, Oct 5 (IANS) Cab-hailing platform Ola on Tuesday said it has acquired GeoSpoc, a leading provider of geospatial services in the country, for an undisclosed sum.
Ola Founder anc CEO Bhavish Aggarwal said that GeoSpoc scientists and engineers will join Ola to develop technologies that will make mobility universally accessible, sustainable and convenient, across shared and personal vehicles.
“As shared and personal mobility penetrates deeper to cover 50-100 percent of India’s population in the coming years, Maps will need to improve in a variety of ways,” he said.
Accurate and rich maps with high user context should be available to the population beyond the first 100 million users, he added.
Led by CEO Dhruva Rajan, GeoSpoc incubated as an idea at a Barista coffee shop in Pune in the summer of 2014.
Today, it continues to double its growth and moved into a larger facility in Pune. The start-up now has permanent staff based out of the UK and has expanded geospatial services to more customers. In the US, it launched its platform based on Geoblockchain.
Autonomous driving will need HD and 3D maps which will offer superior visualization, dynamic real-time updates based on road, traffic, and weather conditions.
“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,” said Aggarwal.
Ola said that it has the data and the expertise, as well as a massive network of 2,3 and 4Ws that provide unprecedented geo-spatial details.
“We can layer this data with new sources such as satellite imagery and visual feeds from our network on-ground to build ‘Living Maps’ that embody the changing landscape of our world,” the company said.
Last month, EV manufacturer Ola Electric raised over $200 million led by Falcon Edge, Softbank and others, at a valuation of $3 billion.
Ola said it will accelerate the development of other vehicle platforms including electric motorbikes, mass-market scooters, and its electric car.