wordpress blog stats
Connect with us

Hi, what are you looking for?

Online Cab Booking Service Olacabs.com Raises Funding

Olacabs.com, an online car rentals and cab services venture from ANI Technologies, has raised funding from angel investors Rehan yar Khan, Shaadi.com Group founder Anupam Mittal, among others. The company intends to use the funds to build operations and marketing teams, and for product development. Olacabs.com essentially serves as a marketplace, and aggregates cab bookings and car rentals through different private taxi operators. It was founded and launched in December 2010 by  IIT Mumbai graduates, Bhavish Aggarwal and Ankit Bhati.

Although the exact amount of the funding has not been disclosed, it is said to be in the range of Rs 40 lakh to Rs 1 crore, according to VCCircle. Following the investment, Rehan yar Khan will join the Olacabs.com’s Board of Directors as an observer. Presently, the service is limited to Mumbai and offers full day, half day local rentals as well as outstation hires from the city. Unlike radio taxi services such as Meru and EasyCabs, it does not own or manage a fleet and works through partnerships with cab operators. The cabs hired through Olacabs bill users on an hourly basis and not on the basis of distance traveled.

Till February 2011, the website was mainly a listings space and it made bookings over the phone. It later enabled online bookings on the website, collecting 20% of the total cab fare to confirm a cab booking. Users can select a particular car model or filter cab search on the basis of price. The company claims that a number of its operator partners use its backend technology to manage their processes, which enables Olacabs to offer real time confirmations.

However, we were only able to see one listing for each car model, which could mean that either the site does not have more than one partner at the moment or it offers a fixed fare for a particular car make. Shouldn’t an aggregator offer deals from various sources?  For example, online Bus booking service Redbus.in, lists buses from multiple operators and also includes user ratings and reviews. Why should the customer prefer a website which does not give him any extra value, rather charges a part of the rental in advance, when he can book it through his travel agent who offers a more personalized experience?

Advertisement. Scroll to continue reading.
Written By

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

India and US come to terms on how to deal with the equalisation levy in light of the impending Global Tax Deal.

News

Find out how people’s health data is understood to have value and who can benefit from that value.

News

The US and other countries' retreat from a laissez-faire approach to regulating markets presents India with a rare opportunity.

News

When news that Walmart would soon accept cryptocurrency turned out to be fake, it also became a teachable moment.

News

The DSCI's guidelines are patient-centric and act as a data privacy roadmap for healthcare service providers.

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ