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.
