Mumbai based Olacabs, a technology venture in the car rentals and cab services space has received a first round of angel investment from angel investors Rehan yar Khan, Anupam Mittal and several others. The funds will be used to build operations and marketing teams and for product development.
Following the investment, Rehan yar Khan will be joining the Olacabs.com’s Board of Directors as an observer.
Olacabs is India’s first car rental and cab services aggregator. Founded and launched in December 2010 by by 2 IIT Bombay graduates, Bhavish Aggarwal and Ankit Bhati, the portal currently offers full day, half day local rentals as well as outstation hires from Mumbai.
Olacabs collaborates with private taxi owners and brings them onto an online platform for efficient distribution.
Given that aggregation businesses like these are heavily dependent on offline partnerships, it’d be interesting to see how Olacabs expands to other cities. What’s your take on this model?