Indian Taxi Marketplace Olacabs Brings In Big Series C
July 14, 2014
Mumbai-based Olacabs, which runs an online marketplace for cabs, has raised $41.8 million in Series C financing led by Sequoia Capital and Steadview Capital, with participation from existing investors Matrix Partners India and Tiger Global Management. Through a mobile app, users can order taxis and track their ride, while drivers receive order requests and navigation help. The company last raised funding in a $20 million Series B round in late 2013. The new funds will be used to expand into new markets; the company is hoping to be available in 20 cities around India by the end of this year.