DST Global may fund Olacabs close to $400 million (Rs.2,500 crore) from DST Global and with existing investors, according to familiar sources. However the deal is in the final stages and in the process of completion of legal formalities.
Olacabs founded in 2011 by ex IITians Bhavish Aggarwal and Ankit Bhati. The company provides point to point services within the city. Nowadays Olacabs is in news following the acquisition of Taxi For Sure for $200 million in all stock and cash deal.
Olacabs has network of 70,000 cabs and 30,000 autos along with Taxi For Sure 15,000 cabs on the Taxi For Sure network.
Till now Olacabs has raised $210 million funding in various tranches from various investors. Meanwhile Olacabs has grown leaps and bounds in terms of service offering. In January 2014 they were catering to five cities and by December 2014 services have been expanded to 67 cities.
Olacabs is growing 40 per cent month on month basis, at the same Taxi For Sure is growing at the rate of 50 per cent. Olacabs and Taxi For Sure have added auto service on their service offerings.
On the history of funding for Olacabs, they received their Angel Funding of $330k in April, 2011 from Kunal Bahl, Anupam Mittal and Rehan Yar Khan. The company raised their Series ‘A’ funding in Apr 2012 for $5 million from Tiger Global Management. In Nov 2013 they raised Series ‘B’ funding from Tiger Global Management and Matrix Partners for $20 million. In July 2014 Olacabs raised $41.5 million Series ‘C’ funding existing investors and Sequoia Capital and Steadview Capital. In Oct 2014, there biggest funding till now for $210 million was raised as Series ‘D’ from SoftBank Capital.
If the latest funding of $400 million from Russian investment firm DST Global succeeds, this will be another big investment from DST Global after successfully invested in Flipkart. DST Global is known for investing fast growing companies.