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Olacabs raises $42 million, allocates over a third to buy cars for drivers

07/12/2014| 5:46:30 PM| 中文

Taxi aggregator Olacabs has raised a $42 million Series C investment from Hong Kong-based hedge fund Steadview Capital and venture firm Sequoia Capital.

Taxi aggregator Olacabs has raised a $42 million Series C investment from Hong Kong-based hedge fund Steadview Capital and venture firm Sequoia Capital.

Existing investors in the India-based company, Tiger Global and Matrix Partners India, also participated in this round.

Olacabs will use the new fund to expand operations to other markets in India and invest $17 million into the supply ecosystem to “enable micro-entrepreneurship in the driver stakeholder segment”. (purchase of cars)

In November 2013, Olacabs raised a Series B round of investment, though the terms were not disclosed, it was rumored to be in the range of $20 million.

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TAGS: Olacabs | Uber
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