Bangalore, India - July 10, 2014: Olacabs, India’s largest cab network, today announced its Series C funding of INR 250 crores led by Hong Kong based equity hedge fund Steadview Capital and Silicon Valley based Sequoia Capital. Existing investors Matrix Partners India and Tiger Global Management have participated in this round of funding as well. Ola will use the funds from this investment to expand their operations to newer markets as well as invest a sizeable sum into the supply ecosystem to nurture micro-entrepreneurship in the driver stakeholder segment.
“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 INR 100 crores 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.” said Bhavish Aggarwal, co–Founder and CEO of Olacabs.
“Ola is solving a real problem by providing Indian consumers a safe, comfortable, standardized 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.
"The need for quick and efficient point-to-point transport is a very large need 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.
Founded in January 2011 by two IIT Bombay alumni Bhavish Aggarwal and Ankit Bhati, Ola is changing the largely fragmented and inefficient car rental market by integrating technology both for the customer and the driver to offer a seamless and predictable travel experience. Through its unique 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 effectively manage inventory, demand and route planning, benefitting the end customer as well as the cab drivers. Ola also works with leading car manufacturers and financial institutions to help drivers buy their own cars at huge discounts and access to affordable repayment schemes..
Olacabs is India’s largest cab network with over 11,000 cabs on their platform and is present across 9 cities. Ola integrates cab transportation across point-to-point, local and outstation rentals onto a technology platform, ensuring convenient, transparent and quick service fulfillment for the customer. Ola is the first to offer a mobile app for iPhone, Android and Windows that not only books a cab, but also helps customers track their cab in real-time. Currently over 50% of their bookings come through the mobile app. The Olacabs app for drivers acts as an in-car navigation cum fare device. Ola conducts regular car audits, driver training & sensitization sessions to ensure standardized service delivery and customer delight. Customers can access Olacabs, on the web, through their mobile apps or through a customer service center on 3355 3355. Olacabs currently operates in Mumbai, Bangalore, Delhi – NCR, Chennai, Goa, Pune, Jaipur, Hyderabad and Chandigarh. To know more, please visit www.olacabs.com
About Matrix Partners India:
Matrix Partners India is an investment firm with INR 3,000 crore under management. The firm invests in companies targeting the Indian consumer market at the seed, early and early growth stages. The firm has invested in several market leading companies in the consumer technology space including Quikr (online classifieds), Stayzilla (stays marketplace), LimeRoad (social commerce marketplace), Mswipe (mobile POS), NewsHunt (local language mobile platform) and U2opia (social mobile apps) among others. Matrix Partners has a global network of funds investing in the US, China and India with US $3 billion under management. Further information is available atwww.matrixpartners.in