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Despite stalled growth in China, Brazil and Russia, a wave of newly middle-class travelers from the BRICs and beyond will start visiting international destinations in the coming decades — dwarfing the numbers we’ve seen thus far.
Olacabs hasn’t been transparent about the amount of its prior funding rounds.
India-based car service Olacabs, which states more than half of its transactions come through mobile devices, secured $41.8 million in funding to expand its service in the country, according to published reports.
ANI Technologies, based in Mumbai and operator of the Olacabs brand, secured the Series C funding from Steadview Capital and Sequoia Capital, with participation from existing investors Matrix Partners India and Tiger Global Management.
Olacabs, which provides a variety of car services including taxi services and hourly rentals, says it will use part of the new funding to incentivize drivers as it competes in India against Uber and a slew of local ride-sharing services.