India Car Service Olacabs Picks Up $42 Million in Funding
Photo Credit: India-based car service Olacabs claims that more than half of its transactions take place through mobile devices. Pictured is the Olacabs iOS app. ANI Technologies
Skift Take
Olacabs hasn't been transparent about the amount of its prior funding rounds.
India-based car service Olacabs, which states more than half of its transactions come through mobile devices, secured $41.8 million in funding to expand its service in the country, according to published reports.
ANI Technologies, based in Mumbai and operator of the Olacabs brand, secured the Series C funding from Steadview Capital and Sequoia Capital, with participation from existing investors Matrix Partners India and Tiger Global Management.
Olacabs, which provides a variety of car services including taxi services and hourly rentals, says it will use part of the new funding to incentivize drivers as it competes in India against Uber and a slew of local ride-sharing services.