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Olacabs plans to raise upto $500 mn at a valuation of $2 bn

Mumbai-based ANI Technologies Pvt Ltd, the company behind Olacabs, an online marketplace for cabs and car rental services, is reportedly planning to raise around $300-500 million or more, reports Techcircle.in, citing sources. The firm counts SoftBank, Tiger Global, Matrix Partners, Steadview Capital and Sequoia as investors.

Mumbai-based ANI Technologies Pvt Ltd, the company behind Olacabs, an online marketplace for cabs and car rental services, is reportedly planning to raise around $300-500 million or more, reports Techcircle.in, citing sources. The firm counts SoftBank, Tiger Global, Matrix Partners, Steadview Capital and Sequoia as investors.

“Ola has doubled in size in terms of revenue run rate since its last fundraise when it was valued at $1 billion. It is now seeking twice the valuation,” one of the sources told Techcircle.

The source added that it is likely to rope in at least two new investors including a New York-based fund besides a Hong Kong-based fund house, besides participation from most of its existing investors. “While one of the new investors is a hedge fund, the other is a PE investor,” he said.

According to the report, Olacabs is looking at an aggressive ramp-up to increase its presence four-fold to 200 cities by the end of this year from 52 cities at present. 
Olacabs was founded in January 2011 by IIT Bombay alumnus Aggarwal and Ankit Bhati. It essentially connects users to independent cab drivers to book intra-city rides either on the go or by booking ahead of the scheduled travel plan. It also used to offer inter-city cab rentals but has discontinued it sometime back.

It claims to have 60,000 cabs on its platform serving two lakh customers daily. The company has added over 15,000 cars to its platform in the last three months and has launched operations in over 34 new cities during this period. It says it has been adding over 1,000 cabs to the platform every day. Less than three onths age, the company raised $210 million in a round led by SoftBank. 

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