Bangalore: Olacabs, aggregator of car rentals and point-to-point cab services announced that it has raised Series B funding from Matrix Partners India and existing investor, Tiger Global Management. Ola will use these funds to expand their operations to newer markets and to deepen its technology and analytics expertise. Olacabs had earlier raised Series A funding from Tiger Global Management in April 2012.

Bhavish Aggarwal, co-Founder and CEO, Olacabs said, “We are excited to bring Matrix Partners India on board along with Tiger Global as key investors. Matrix as a partner has a portfolio of high pedigree investments and rich experience in emerging markets. Combined with the rich global expertise of our existing investor, Tiger Global, this partnership gives us the support and resources to grow rapidly at the pace we intend to. We will continue to create substantial value for our customers in terms of the Ola experience and for our drivers / operators by helping them buy their own cars and improving business for them thereby nurturing micro-entrepreneurship.”

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