Olacabs, an aggregator of car rentals and point-to-point cab services today announced that it has raised Series B funding from Matrix Partners India and existing investor, Tiger Global Management. The company did not disclose the size of investment, report suggest it to be around $20 million.
Ola will use these funds to expand their operations to newer markets and to deepen its technology and analytics expertise, said the company. Olacabs had earlier raised Series A funding from Tiger Global Management in April 2012.
“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 ofOlacabs, 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.
Olacabs was founded in January 2011 by two IIT Bombay alumni Bhavish Aggarwal and Ankit Bhati. Through its mobile app, the customers can book available cabs and track their progress until they reach the pickup location. On the supply side, the company deeply analyses GPS / customer travel data and uses complex algorithms and analytics developed in house, to derive consumable information that is used for inventory management, demand estimation and route planning.
