India Car Service Olacabs Picks Up $42 Million in Funding

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.