Mumbai based online cab booking service Olacabs has confirmed that it has raised its Series B round of funding led by Matrix Partners India and Tiger Global. Although company hasn’t shared the financial details of the same, but as per reports it has raised around USD 20 Mn.
“Ola is leveraging technology to revolutionize ground transportation and is aggregating the highly fragmented cab & car rental market – one of the large travel verticals yet to be organized in India… This platform provides a public utility by allowing Indian consumers to experience a safe, comfortable, standardized service offering at transparent and competitive prices.” said Avnish Bajaj, co-Founder and Managing Director, Matrix India.
The company will be using these funds to expand their operations in newer markets and to deepen its technology and analytics expertise.
It has recently expanded its operations in Chennai, currently it has operations in cities including Mumbai, Delhi NCR, Bangalore and Pune with over 6,000 cabs in its fleet. The company also has plans to expand its services in Chandigarh, Ahmedabad and Nagpur by end of this year.
Olacabs has tied up with around 1500 operators across these cities and has also partnered with OTAs like GoIbibo, MakeMyTrip, ClearTrip etc.
Olacabs was founded in 2011 by two IIT Bombay alumni Bhavish Aggarwal and Ankit Bhati. It also has a mobile app, using which the customers can book available cabs and track their progress until they reach the pickup location. On the supply side, it analyses GPS / customer travel data and uses complex algorithms and analytics developed in house, to derive consumable information that is used for inventory management, demand estimation and route planning.
A few others dealing in the same space include Zoom, Avis, Carzonrent, CarClub, Uber etc.
Recent funding in the same segment includes online taxi aggregator Taxi4Sure raising funds from Helion Venture Partners, cab pooling portal Cubito.in raised angel funding under USD 100k, & car rental service provider, Zoom raised USD 30k in angel funding, etc.
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