The Mumbai based startup earlier raised angel round from investors including Anupam Mittal, Rehan Yar Khan and others; and currently operates over 700 cabs in Mumbai. On the supply side, Olacabs does not own or operate its own fleet, but aggregates small fleet operators and single vehicle owners. The inventory utilisation among small cab operators (ownership of 1-3 cabs) in India is an abysmal 40-50%, though Olacabs claims to increase the inventory utilisation up to 70% using its platform effect.
Aside, Olacabs has launched a ‘uber’ service (available on iPhone and Android and was available to try out at last UnPluggd), i.e. an app that not only books a cab, but also helps customers track their cab on their mobile phone until it reaches them. The Olacabs app for drivers acts as an in-car navigation device and fare meter.
The funding was closed couple of months back and In terms of the funding amount, it is definitely more than $3mn (as mentioned by Vccircle), though ET has also got it all wrong with INR 50 Crores funding amount.
As far as Olacabs is concerned, the biggest hurdle they need to cross is creating a national consumer brand, which very few online players in India have managed to do.
Earlier, Bangalore based car rental service Savaari raised Series A from Inventus Capital.