Olacabs Nabs Series A Round Of Funding From Tigal Global


Mumbai: The online cab booking service provider Olacabs.com has raised their series A round of funding from Tiger Global Management, a New York-based investment firm that invests in the public and private equity markets across the globe primarily in the U.S., China, India, Southeast Asia, Latin America, and Eastern Europe.

The company plans to use the fund to scale up operations nationally and strengthen its technology platform. Prior to this, Olacabs has raised an undisclosed amount of fund in the angel round of investment from Rehan Yar Khan, Anupam Mittal and several others.

Founded in January 2011 by Bhavish Aggarwal and Ankit Bhati, Olacabs creates a marketplace for all types of cabs and car rentals, be it within a city, hour-based rental services or outstation travel.

Bhavish Aggarwal is also the CEO of the company. He is a graduate with a B.Tech in Computer Science and Engineering from IIT Bombay, after which he worked at Microsoft Research for two years. Bhavish has filed for two patents and published three papers in International Journals.

Ankit Bhati also plays the role of CTO of the company. He holds a B.Tech degree in Mechanical Engineering and an M.Tech in CAD and Automation from IIT Bombay.