Weekly Wrap Up: Why Olacabs, Snapdeal and MakeMyTrip are in the news.

Weekly Wrap Up: Why Olacabs, Snapdeal and MakeMyTrip are in the news.

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1. Olacabs:

OLA Series F Funding

OLA, the online cab aggregator has today announced that it has raised $500 million in Series F round from Baillie Gifford, Falcon Edge Capital, Tiger Global, SoftBank Group, DST Global and China’s Didi Kuaidi. It will use the funds for growth related activities and mobility solutions. This round of funding takes Ola’s total external funding to over $1.3 billion, of which $1.2 billion has been raised over the last year.

Though OLA did not provide any financial details but people familiar to the round said that the company is valued at $5 Bn. The Bangalore-based group has effectively doubled in value since raising $400m at a roughly $2.4bn valuation last year.

2. SnapDeal:
The online marketplace Snapdeal on Monday unveiled its newest innovation called Snaptrends — an online future-defining, fashion trends forecasting service for its sellers.

Snaptrends will enable small and medium sized manufacturers and businesses in getting access to fashion intelligence to assist them to produce commercially viable apparel collection.Snapdeal Acquires Letsgomo

Snaptrends aims to act as a definitive guidebook for fashion and design product development exclusively for Snapdeal seller partners. The trend-tracking and forecasting service will cover both western and ethnic wear,.

“Snaptrends will enable us to create value for our customers by bringing them the latest apparel and fashion accessories and to our sellers by empowering them with valuable consumer insights,” Vishal Chadha, Senior Vice-President- Market Development, Snapdeal, said.

3. Makemytrip:

MakeMyTrip Value+

Online travel booking portal MakeMyTrip has launched its own brand of budget rooms Value+, days after blocking OYO Rooms and Zo Rooms from its portal.

Last month, Goibibo, Yatra and MakeMyTrip blocked OYO Rooms and Zo Rooms to protect their turf. After that Goibibo launched its GoStays which is same as Value+.

Value+ hotels provide standardised amenities like free Wi-Fi, air-conditioning, and breakfast starting at Rs. 999, mirroring the standardised models of budget room aggregators that it de-listed from its portal. It has already aggregated around 1,000 hotels under Value+.

MakeMyTrip’s hotels and packages business reported 7.3 per cent increase in revenue less service costs (net revenue) to $13.4 million in the quarter ended September 2015.

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