Investments, News

Olacabs raises USD 3.2 mn in series B from Tiger Global

Mumbai based online aggregator of car rentals, Olacabs has raised USD 3.2 mn in series B funding from Tiger Global, states Techcircle. Previously it raised USD 3 mn in Series A from Tiger Global and before that it had raised angel funding from a group of individual investors, including Rehan Yar Khan and Anupam Mittal.

We had tried reaching Olacabs for details but somehow their response is awaited.

Olacabs was founded in January 2011 by IIT Bombay alumni Bhavish Aggarwal and Ankit Bhati, currently it offers cab booking services in Mumbai, Bangalore, Delhi-NCR and Pune. According to reports, the recent funding round will be used for expansion of its services in more cities.

Olacabs provides point-to-point services within a city, hour-based rental services or booking for outstation travel. It claims to integrate technologies like GPS, real time traffic alerts and demand analysis, ensuring convenient, transparent and quick service fulfillment for the customer.

Users can access its services on the web, through a mobile app or through a customer service centre. It charges around 15% of commission depending on the car type, number of cars.

The company has witnessed growth by 40% on month on month for past few months with average ticket size of transactions being INR 400.

OlaCabs claims to have tied-up with over 1500 operators across Delhi/ NCR, Mumbai, Bangalore and has also partnered with OTAs like GoIbibo, MakeMyTrip, ClearTrip, etc.

Online cab and car booking space has recently attracted a lot of investors’ attention. Few of the recent deals include, online taxi aggregator Taxi4Sure raising funds from Helion Venture Partners, cab pooling portal raised angel funding under USD 100k, & car rental service provider, Zoom raised USD 30k in angel funding, etc.

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