Indian cab service aggregator, Olacabs, has raised USD 210M from Japan’s Softbank Corp as per a report by The Economic Times. The company has not made this announcement yet, however people with knowledge of this new round of funding, said it has raised it at a valuation of USD 1 billion, thereby entering the league of billion dollar startups in the country, having Flipkart, Snapdeal, and the likes.
The official release of this development is expected to be out by next week.
Founded in 2011 by Bhavish Aggarwal (Shown above) and Ankit Bhati, the company had recently 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 competition in this space heated up ever since Uber came to India, and Indian taxi aggregators Ola, Taxiforsure, Meru etc. stepped up their game, by renovating their apps and changing their models. In an earlier interaction with Bhavish Aggarwal, CEO, Olacabs, iamWire asked, What is the next big thing for cab booking apps?
Bhavish said, “The mobile app by itself is an enabler for any business. The operational aspect as well as the ecosystem matters and takes the overall experience beyond just booking. The core offering to the end customer and driver partner is not the mobile app, but what it delivers! For users, its availability of a reliable and safe ride, across categories for different use cases. For drivers, it’s their growth as entrepreneurs, with more revenue coming their way”