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2013-11-14

Olacabs raises Series B funds from Matrix Partners India, Tiger Global

Olacabs of ANI Technologies Pvt Ltd, an aggregator of car rentals and point-to-point cab services announced that it has raised Series B funding from Matrix Partners India and existing investor, Tiger Global Management. Ola will use these funds to expand their operations to newer markets and to deepen its technology and analytics expertise. Olacabs had earlier raised Series A funding from Tiger Global Management in April 2012.

Olacabs of ANI Technologies Pvt Ltd, an aggregator of car rentals and point-to-point cab services announced that it has raised Series B funding from Matrix Partners India and existing investor, Tiger Global Management. Ola will use these funds to expand their operations to newer markets and to deepen its technology and analytics expertise. Olacabs had earlier raised Series A funding from Tiger Global Management in April 2012. 

 

Bhavish Aggarwal, co-Founder and CEO, Olacabs said, “We are excited to bring Matrix Partners India on board along with Tiger Global as key investors. Matrix as a partner has a portfolio of high pedigree investments and rich experience in emerging markets. Combined with the rich global expertise of our existing investor, Tiger Global, this partnership gives us the support and resources to grow rapidly at the pace we intend to. We will continue to create substantial value for our customers in terms of the Ola experience and for our drivers / operators by helping them buy their own cars and improving business for them thereby nurturing micro-entrepreneurship.”

 

“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. It is our privilege to be associated with Bhavish Aggarwal and Ankit Bhati, the co-founders of Olacabs, who have built a scalable platform for online cab bookings. 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.

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