Olacabs, a Bangalore, India-based cab network, raised INR250crores in Series C funding.
Backers included Steadview Capital, Sequoia Capital, Tiger Global Management and Matrix Partnes India.
The company intends to use the funds for expansion of operations to newer markets and to invest into the supply ecosystem.
Founded in January 2011 by two IIT Bombay alumni Bhavish Aggarwal and Ankit Bhati, Olacabs is a network with over 11,000 cabs on their platform present across 9 cities in Mumbai, Bangalore, Delhi – NCR, Chennai, Goa, Pune, Jaipur, Hyderabad and Chandigarh.
Through its mobile app, customers can book cabs and track their ride while cab drivers get booking requests on a GPS enabled android device that also helps in navigation and billing.
Ola uses GPS and customer travel data to manage inventory, demand and route planning and works with car manufacturers and financial institutions to help drivers buy their own cars at discounts and access to repayment schemes.
FinSMEs
14/07/2014