Processing .....please wait.. 
The article has been forwarded.... 
Car rental portal Olacabs.com raises first round funding
By siliconindia
|
1 Comments
Mumbai: Mumbai based Olacabs.com, a technology venture in the car rentals and cab services space announced it has received a first round of angel investment from angel investors Rehan yar Khan, Anupam Mittal and several others. The funds will be used to build operations and marketing teams and for product development.
Olacabs.com is India's first car rental and cab services aggregator. Founded and launched in December 2010 by by 2 IIT Bombay graduates, Bhavish Aggarwal and Ankit Bhati, the portal currently offers full day, half day local rentals as well as outstation hires from Mumbai. Olacabs.com collaborates with private taxi owners and brings them onto an online platform for distribution.
Bhavish Aggarwal, Co-Founder and CEO said, "We are very excited in bringing such amazing and premier investors on board who have shown a lot of interest and confidence in our business. Both Rehan and Anupam have built huge online consumer businesses and their advice and mentoring will help us grow the company to the next level."
Commenting on the investment, Rehan yar Khan said, "While travel sites have organized the airline space and others have brought railways and busses on a single platform, there is a tremendous customer need for a one stop shop for booking cabs for travel within the city and when visiting other cities. Olacabs.com will thus be a significant player in the $8 billion Indian Online Travel Industry."
Anupam Mittal, Founder of People Group (Shaadi.com, Makaan.com, etc.) and an angel investor said, "Bhavish and Ankit appear to be a solid team with a strong commitment towards building a business in this space. Given their passion and the unorganized nature of a potentially very large industry, we felt they deserved the backing. We wish them the best."
Following the investment, Rehan yar Khan will be joining the Olacabs.com's Board of Directors as an observer.
