According to sources, Ola made an offer to acquire in-car entertainment hardware company SpotPlay, which was rejected by the young company
It takes a lot of courage to follow your dreams and build a global product. But Bangalore-based remote entertainment startup SpotPlay wouldn’t have it any other way.
The one-and-a-half-year-old startup has thwarted acquisition efforts by country’s biggest cab aggregator – Ola.
“Ola wanted to acquihire and merge SpotPlay with their Ola Play services. But if we accepted that we would have become employees of Ola and our brand would have been diluted,” Co-founder of SpotPlay Santosh Kumar told Moneycontrol, reasoning the rejection of Ola’s offer.Kumar did not elaborate on the offer received from Ola, but a source in the cab aggregator’s mergers and acquisitions team revealed to Moneycontrol that the company had offered 500,000 to 1 million equity shares to the founding team, along with a possible cash infusion of Rs 40-50 lakh. However, SpotPlay which was incubated at IAMAI-sponsored Mobile10X Apps Hub rejected the offer.The acquisition talks took place during November and December of 2016, the source said.Industry sources in Bangalore aware of Ola’s offer to SpotPlay said that the company wanted to hire […]