Matrix Partners India Leads Investment in Olacabs (Asia)
Source: Matrix Partners India, Asian Venture Capital Journal | Author: Mirzaan Jamwal
Venture capital firm Matrix Partners India has acquired a significant minority stake in India-based Olacabs, an aggregator of car rental and point-to-point cab service operators. Matrix, along with existing investor hedge and private equity firm Tiger Global Management, co-invested in Olacabs’ second institutional round of equity funding, reportedly worth US$20 million. Olacabs previously raised US$5 million from Tiger Global last year. The company intends to use the capital injection to expand its operations to new cities and to help drivers and operators in its network buy their own cars.