Decoding TaxiForSure Numbers : A Quick And Small Win For All !

Ola has acquired TaxiForSure for $200mn. Started in June 2011, TaxiForSure is present across 47 cities in India, with a fleet size of over 15,000 drivers clocking over 5 million rides.

For a 4-year-old company, $200mn of cash and equity is a pretty good deal – and while some of you might be wondering why TaxiForSure took the Ola ride so early in the game, these activities are bound to happen in a growing startup ecosystem. Given the rush in consumer startup space, expect more consolidation driven by investors.
Here is the percentage holding pattern of TaxiForSure. Few quick observations:
– The two founders each own 8% of the company – which is (almost) on the lower side for a consumer company which has raised Series C round. In fact, TaxiForSure in my opinion was a bit late in the subsequent fund raising game.
Ola too raised ~$40mn in Series C, but was quick to raise Series D round (massive $210mn) within few months of the Series C. Speed mattered, in this case. The Series D money helped Ola win more customers and importantly, TaxiForSure drivers/inventory as well.
– Accel is a clear winner here: they own 36% of the company (between the two funds across two rounds). Accel continues to bet on winners and my guess is that they repented not investing in Ola.
– Blume owns only 1.8%. Hmm (qn : Is micro-investing fun?)

Name	Percentage Holding
Raghunandan G	8.1
Aprameya R	8.1
Helion II	24.3
Accel India III	24.3
Multiple Sector Seed Capital Fund (Blume)	1.8
Bessemer Holding II	20.0
Faktory Ventures	0.3
Accel Growth III	12.7
Ramprasad Shastry	0.2
Prakash Bettadpur	0.1
Basavaraj Ullaguddi	0.1

Given that the $200mn outlay is a mix of cash and equity, I am guessing that TFS founders were largely dealt in ca$h (and equity is reserved for the investors), which amounts to almost 100 crores per founder, which is A DAMN good deal (unless you were born with $ilver $poon$).
In the growing Indian startup ecosystem, we need a mix of long and short term success stories and TaxiForSure is one of them.
What does Ola gain? Apart from TaxiForSure’s inventory and city presence, a muscle power to raise a big round – they are raising $500mn at more than $2Bn+ valuation (which I am sure will now go for 1.5X multiple); and this acquisition just reinforces that they are the numer-uno and a serious threat to Uber’s growing global ambition (read : How Softbank is creating an anti-Uber army of startups).
Your thoughts?