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Online cab booking service OlaCabs.com raises angel funding

Mumbai-based online cab booking service OlaCabs.com has received an undisclosed amount of angel investment from Rehan yar Khan, Anupam Mittal and several others. According to the company, the funds will be used to build operations, marketing teams and product development. Following the investment, Rehan yar Khan will be joining the Olacabs.com’s board of directors as an observer.

Mumbai-based online cab booking service OlaCabs.com has received an undisclosed amount of angel investment from Rehan yar Khan, Anupam Mittal and several others. According to the company, the funds will be used to build operations, marketing teams and product development. Following the investment, Rehan yar Khan will be joining the Olacabs.com’s board of directors as an observer.

Bhavish Aggarwal, co-founder and CEO, OlaCabs, said, “We are very excited in bringing such amazing and premier investors on board who have shown a lot of interest and confidence in our business. Both Rehan and Anupam have built huge online consumer businesses and their advice and mentoring will help us grow the company to the next level.”

Commenting on the investment, Rehan yar Khan said, “While travel sites have organised the airline space and others have brought railways and busses on a single platform, there is a tremendous customer need for a one stop shop for booking cabs for travel within the city and when visiting other cities. OlaCabs.com will thus be a significant player in the $8 billion Indian online travel industry.”

Anupam Mittal, founder, People Group (Shaadi.com), said, “Bhavish and Ankit appear to be a solid team with a strong commitment towards building a business in this space. Given their passion and the unorganized nature of a potentially very large industry, we felt they deserved the backing. We wish them the best.”

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