Olacabs raises Rs 250-cr in Series C funding round
In a last-week announcement, radio taxi cab network Olacabs revealed that it has raised an amount of Rs 250 crore in a Series C funding round led by Hong Kong-based equity hedge fund Steadview Capital and venture capital firm Sequoia Capital.
Other than Steadview Capital and Sequoia Capital, the other participants in Olacabs’ latest funding round were Tiger Global Management and Matrix Partners — the existing investors in the radio taxi cab network.
With regard to plans to use the amount raised in the new funding round, Olacabs said that it intends using the funds for expansion of its operations to newer markets. In addition, the company also plans to make a sizeable investment in the supply ecosystem, in an effort to enable micro-entrepreneurship in the driver stakeholder segment.
In reference to Olacabs’ plans to invest in the supply ecosystem, the company’s co-founder and CEO Bhavish Aggarwal said that Olacabs is “deeply involved the supply ecosystem.” It helps drivers become entrepreneurs and also tries to empower them in the socio-economic arena.
Revealing that Olacabs is “earmarking a sum of Rs 100 crore towards nurturing this (supply) ecosystem in the next one year,” Aggarwal said: “Steadview and Sequoia are great partners to have on board, with both bringing deep understanding of consumer businesses.”
Source- Business Standard
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