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Angel investors invests in Olacabs

Mumbai-based ANI Technologies, which runs the 'book a cab' service Olacabs.com, has raised its first round of funding from Anupam Mittal and angel investor Rehan Yar Khan along with smaller investors, reports Techcircle.in.

Anupam Mittal is online entrepreneur and the founder and Chairman, Managing Director of People Interactive, known for its flagship matrimony site Shaadi.com.

Rehan Yar Khan is an angel investor and founder of Flora2000, an ecommerce site for flower retailing targeting global markets. Khan has also invested in Hyderabad-based MyZingo eCommerce Service, which runs BuyThePrice.com, an e-commerce site for consumer electronics and appliances.

Though the exact amount of the deal was not yet revealed, but the estimate range is  40 lakh to  1 crore. ANI Technologies will use the funding for product development and targeted marketing. Olacabs.com has 100 cars and they are planning to increase the number to 1000 in the next two years.

Olacabs.com was founded by two IIT Mumbai graduates Bhavish Aggarwal and Ankit Bhati. It is a website that helps Mumbai citizens to rent cabs or cars online. The six months old company offers a choice of cars with prices from local operators. It has partnered with local private operators for the cabs such as Alvin Tours and Travels for inventory.

After booking the Olacabs, it sends a confirmation email or SMS with contact number of the driver and the license number of the car, with order details and follows up 6-12 hours before the journey. The online booking requires a notice of 12 hours. Customer has to pay 20 percent of the total amount online while the balance amount can be paid to the driver.

Olacabs.com has 3-4 companies as regular clients. The company has partnered with payment gateway provider EBS and accepts credit cards, debit cards, net banking and cash cards. It has also started accepting discount coupons.

Source: Silicon India

April 23rd, 2011

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