According to reports, Olacabs, a Mumbai, India-based online aggregator of car rentals, raised $3.2m in series B funding.
Existing investor Tiger Global re-backed the Olacabs.
The company intends to use the funds for expansion in additional cities.
Founded in January 2011 by Bhavish Aggarwal and Ankit Bhati, OlacabsĀ Olacabs provides point-to-point services within a city, hour-based rental services or booking for outstation travel. It integrates technologies like GPS, real time traffic alerts and demand analysis.
Users can access its services on the web, through mobile iOS and Android apps or through a customer service centre. The service, which charges around 15% of commission depending on the car type, number of cars, is now present in Mumbai, Bangalore, Delhi-NCR and Pune.
FinSMEs
01/08/2013