Excl: Car Rental Service Startup Olacabs Raises Series A Funding From Tiger Global
Mumbai-based startup ANI Technologies Pvt Ltd, which runs a marketplace for cabs and car rental services under the brand Olacabs, has raised series A funding from Tiger Global, a private equity firm which has been active in backing Indian e-com firms. Although the exact quantum of the fund raised could not be ascertained, it might be well over $5 million, according to one source.
At present, the firm operates in Mumbai and Delhi and offers regular cab service (pick-up and drop) similar to radio cab services provided by Meru Cabs, Quick Cabs, Mega Cabs and Easy Cabs. Other than that, the company provides local rentals on half and full-day basis besides car rentals for outstation trips.
On the supply side, Olacabs does not own or operate its own fleet but aggregates small fleet operators and single-vehicle owners.
Last April, the online car rental company raised an angel round of approximately Rs 1 crore from Anupam Mittal and Rehan Yar Khan and some other investors, to be utilised for product development and targeted marketing.
Last week, Savaari Car Rentals Pvt Ltd raised series A funding of Rs 5 crore ($1 million) from Inventus Capital Partners. It will use the funding to scale up its marketing team and grow its business across cities. Additionally, Savaari will invest in technology solutions for enhancing customer experience. Till now, the company has invested to put in place an integrated backend engine for booking management and automated billing.
Tiger Global's other investments in Indian Internet retail space include Flipkart, CaratLane, Exclusively.in, MakeMyTrip, Babyoye and Zansaar, to name a few.
Update: Olacabs has announced the deal with Tiger Global on April 10, but declined to disclose the deal value.
The funds will be used to scale up operations nationally and further strengthen the technology platform. "By the end of this year, we will have our operation in all major cities in India including Kolkata, Mumbai, Pune, Bangalore, Chennai and more," Bhavish Aggarwal, co-founder & CEO of Olacabs, told Techcircle.in.
"Tiger Global's valuable experience in the Indian consumer Internet space will considerably add to our management bandwidth as we rapidly scale," he added.