Mumbai based car rental e-commerce startup, Olacabs, today announced that they secured Series A funding of INR 40 crores from venture capital firm Tiger Global. The investment shall be used for operational expansion, marketing and consolidating the product.
Olacabs was started in August 2010 by Bhavish Aggarwal and Ankit Bhati, both engineers from IIT Bombay. Previously, the duo raised angel funding of 2 crores in May 2011 from investors including Kunal Bahl and Rohit Bansal of Snapdeal.
“We plan to be in 10 cities by the end of 2012,” says Bhavish Aggarwal, CEO of Olacabs. The firm currently has operations in Mumbai and Delhi. As they expand, Bhavish plans to hire top talent from all over India. He says, “30% of our team are from IITs and IIMs; I guess being an IITian helps, as you are already well-connected.”
Speaking about the investors, Bhavish says, “Tiger is a global marquee VC fund, and they have a thorough understanding of the internet and e-commerce space in India. We are very excited to have them onboard.” Recently Tiger has invested in another e-commerce startup, in the home decor space, Zansaar.
Bhavish added that, “Expanding fast in an operationally intensive business while meeting high quality standards, has always been a challenge.”
Olacabs is a E-Sparks 2011 startup. We at YourStory.in wish Bhavish and his team all the best as they plan to scale, and are confident about their success.
Recent Similar Investment: Savaari Car Rentals Secured Funding from Inventus Capital Partners.