Mumbai based online cab booking service Olacabs has raised USD 41.5 million in Series C round led by Tiger Global Management, Matrix Partners India, Sequoia Capital and Steadview Capital. Earlier, it had raised USD 20 million in Series B, USD 5 million in Series A and an undisclosed amount as well. The latest round brings the total capital of firm to date is USD 66.5 million.
The company aims to utilize the raised funds for extending its business operations in newer markets as well as into the the supply ecosystem to nurture micro-entrepreneurship in the driver stakeholder segment.
Above Shown: Bhavish Aggarwal, CEO, Olacabs. Image Source: New Indian Express
“Building a high quality transportation network in India involves substantial effort and investment. We intend to be present in at least 20 cities by the end of this year. We are also deeply involved with the supply ecosystem by helping drivers become entrepreneurs. We are earmarking a sum of Rs 100 crore towards nurturing this ecosystem in the next one year,” said Bhavish Aggarwal, co-founder and CEO of Olacabs.
Founded in December 2010 by by IIT Bombay alumni Bhavish Aggarwal and Ankit Bhati. Users can access its services on the web, through a mobile app available for both Android and iOS, using which the customers can book available cabs and track their progress until they reach the pickup location.
According to the company, over 50 per cent of its bookings are coming through the mobile apps. Ola also works with leading car manufacturers and financial institutions to help drivers buy their own cars at discounts and access to affordable repayment schemes. Currently, Olacabs has a network of over 11,000 cabs on their platform and offers its services across Mumbai, Delhi NCR, Pune, Bangalore, Goa, Jaipur, Hyderabad and Chandigarh.
VC Circle says: “Ola is solving a real problem by providing Indian consumers a safe, comfortable, and standardised service offering at transparent and competitive prices. At the same time, it is serving cab drivers and operators by helping them buy their own cars and improving business for them, thereby nurturing micro-entrepreneurship,” said Avnish Bajaj, co-founder and MD, Matrix India.
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