ANI Technologies’s online cab booking venture, Olacabs.com has raised Series B investment from Tiger Global Management and Matrix Partners, reports NextBigWhat. While the investment amount is unknown, the report pegs the investment to be around $20 million.
The report states that the funds will be utilized to expand operations in other cities, including a few tier-2 cities and non-metros and will also be used to scale its technology infrastructure. The company has recently extended its service in Chennai.
The company had previously raised an undisclosed amount in a Series A funding from Tiger Global Management and was intended to be used for expansion and improving its technology platform. In April 2011, it had also raised an undisclosed amount of funding from angel investors Rehan yar Khan, Shaadi.com Group founder Anupam Mittal,among others.
Launched in December 2010 by Bhavish Aggarwal and Ankit Bhati, Olacabs.com is essentially a marketplace that aggregates cab bookings and car rentals through different private taxi operators, small fleet operators and single vehicle owners. These car rentals might be point-to-point services within a city, hour-based rental services or an outstation travel.
Olacabs currently provides its service in Mumbai, Delhi, Bangalore, Pune and Chennai. Customers can make cabs bookings through its website, mobile portal and mobile app.
Competition: Series B investment raised by Olacab doesn’t come as a surprise considering Uber’s recent entry into India and JustDial’s launch of online cab booking services.. It seems natural that Olacabs would want to expand to more cities and strengthen its position in India before Uber or JustDial can fully roll out their services in the Indian market.
This segment has been seeing considerable amount of investments for more than a year now, further contributing further to the stiff competition. Online taxi booking site TaxiForSure.com had raised Series A funding from Accel Partners, Helion Venture Partners and Blume Ventures while Easy Cabs had acquired the online car rental service aggregator, QCABS for an undisclosed amount.
Savaari Car Rental Pvt Ltd had also raised Rs 5 Crore in Series A funding from Inventus Capital Partners while YourCabs.com had raised angel funding from Sprism Investment Pvt Ltd. Taxiguide had raised Rs 25 lakh in angel funding from Anand R P. and BatchCar (previously known as Sharedcab.com) had raised Rs 5 crore from Blume Ventures and other angels.