Ola Gets Second Round Of Funding From Matrix Partners

Olacabs, India’s largest aggregator of car rentals and cab services, has received second round of financing from private equity firm Matrix Partners India and existing investor Tiger Global Management. While the company did not divulge the amount of funding, industry sources say it’s around $20 million (about Rs 125 crore). Olacabs will use these funds to expand operations to newer markets and deepen its technology and analytics expertise, the company said in a statement.

As the Indian economy has seen high growth in the past decade, demand for various services including better transportation rose.“Organised transportation used to be manual and as demand grows, it does not make sense for companies to keep adding people in call centres,” said Sanchit Vir GogiaChief Futurist, Founder and CEO, Greyhound Knowledge Group.

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