Olacabs Secures Series C funding of $41M From Sequoia Capital.
The online marketplace for cabs and car rental services based in India, Olcabs, recently announced a Series C financial funding for a total amount of US$41million from Steadview Capital, a funding mainly focused on India on Hong Kong, and venture capital firm Sequoia Capital.
Currently existing investors are Tiger Global Management and Matrix Partner India, who participated in this recent round of funding as well.
Ola shall utilizing these funding to expand their operation into newer markets, as well as investing into a sizable sum into the supply ecosystem to allow micro-entrepreneurship in the driver stakeholder segment.
Co-founder and CEO of Olcabs, Bavish Aggarawal, stated, “Building a high quality transportation network in India involves substantial effort and investment. We are thrilled about the growth we are witnessing and the possibilities this investment opens up for us. We intend to be present in at least 20 cities by the end of this year. We are also deeply involved with the supply ecosystem by helping drivers become entrepreneurs and creating socio-economic empowerment for them. We are happy to announce that we are earmarking a sum of US$16 million towards nurturing this ecosystem in the next one year. Steadview and Sequoia are great partners to have on board, with both of them bringing deep understanding of consumer businesses.”
During the previous November, Olacabs manage to raise a Series B round of funding led by Matrix Partner India with participation from existing investors Tiger Global Management.
“The need for quick and efficient point to point transport is very large in urban India. Ola is the leader in addressing this need via technology, benefiting both consumers and drivers. We think highly of Bhavish, Ankit and the team at Ola and look forward to partnering with them,” said Gautam Mago, Principal, Sequoia Capital India Advisors.
Olacabs was initially founded during January 2011 by over two IIT Bombay alumni Bhavish Aggarwal and Ankit Bhati, Through its mobile application, customers will be able to book cabs and keep track of their ride while cab drivers get booking request though a GPS-enabled Android device that also helps in navigation and billing. Ola also works alongside with leading car manufacturers and financial institutions to help drivers purchase their very own cars at huge discounts and access to affordable payment schemes.
“Ola is solving a real problem by providing Indian consumers a safe, comfortable, standardised service offering at transparent and competitive prices. At the same time, it is serving cab drivers and operators helping them buy their own cars and improving business for them, thereby nurturing micro-entrepreneurship. Bhavish is an outstanding entrepreneur who we are privileged to work with and we welcome Steadview and Sequoia to the Ola partnership,” said Avnish Bajaj, Co-founder and Managing Director, Matrix India.