Olacabs goes for Series ‘G’ funding of $315 million from DST global, Accel Partners, Tiger Global, Steadview Capital and others. The app owned by ANI Technologies founded in 2010 by Ankit Bhati and Bhavish Aggarwal.
The split of the funding are DST Global – $206 million, Tiger Global – $40.7 million, Steadview Capital – $10.5 million, Accel Partners – $5 million and correct funding figures for Mauritius Investments and ABG Capital is yet to be known.
One of the important point of this round funding is Accel Partners who have invested Taxi For Sure acquired by Olacabs participated in the funding. Series ‘D’ funding investor SoftBank Capital has not participated in this round of investment.
Olacabs has recently acquired Taxi For Sure for $200 million, marking it as one of the largest e commerce acquisition. The company is diversifying into other services Ola Cafe where customers can order food in some localities in metropolis of India and added three wheeler auto booking into their booking platform.
After the Uber Delhi rape case, Ola has invested heavily in technology, added better safety features with new offerings. Verification of driver’s background has been made very stringent and have roped in AuthBridge for additional driver verification and to provide behavioural and etiquette training to all its drivers.
The company had taken an initiative called Ola Pink, a fleet of cabs driven exclusively by women for lady passengers has been launched.
Following the footsteps of Olacabs, global major Uber has launched UberAUTO, auto rickshaw services in Delhi. This clearly marks that Uber is watching developments in online radio taxi booking segment where it is facing tough competition from Olacabs and other operators.