Mumbai based premium peer-to-peer ride sharing platform Lifto, has nabbed 85 lakhs in in angel funding from Rajesh Bhatia, promoter of Tree House, Dheeraj Mehta, fund manager with Temasek,
Amith Aggarwal, the promoter of Staragri Warehousing, and the Gupta family of OM Logistics. The firm, which was founded 6 months ago in April, plans to use the funds for increasing its user base and for expansion to Delhi-NCR and Gurgaon region.
We need critical mass of users on a hyperlocal basis to satisfy the needs of lift givers and lift takers
said Vikesh Agrawal, co-founder, LiftO. Currently, Lifto operates in Mulund-Powai-SEEPZ area of Mumbai and claims to have 50-60 transactions a day which it aims to increase to 300 transactions by the end of 2015. LiftO is a premium on demand ride sharing platform which allow the users to share their commute by car, taxi or auto-rickshaw, with another user on 50-50 basis.
It basically works in peak office hours when the taxi services like Ola, Uber are not easily available or are available at surge pricing. For security, LiftO verifies the users through their LinekdIn profiles r manually in case when the user does not have a LinkedIn profile.
The beauty of the system is that it tells the lift taker where exactly is the pickup point, how far is it and who is offering the lift,
said Nikhil Agrawal, co-founder and CEO, LiftO.
Ride sharing market is currently seeing a lot of players coming up and LiftO directly competes with the likes of UberPool, OlaShare which are ride sharing services by popular taxi aggregators. In addition to it, startups like Bla Bla Car, Jump In Jump Out and Tripada are other exclusive car-pooling services which have lately become quite popular and will be competing with LiftO in coming months.