OneWay.Cab, Gujarat based taxi service provider for inter-city travel, has raised around $450,000 (around Rs. 3 crore) in its seed funding round from Indian Angel Network (IAN).
As a part of this investment, lead investor from IAN – Ajay Gupta will join the company’s board. Also, Abhishek Agarwal and Rahul Mehta will provide guidance and mentoring to the team.
With the new capital coming to the company, it is now planning to expand its operations, upgrade its technology as well as hire new people.
The company was founded in 2015 by Vivek Kejriwal, Devang Sanghvi and Pankaj Gandhi. As the name suggests, the company charges passengers travelling from one city to another only for the journey actually taken, while most cab operators in this sector typically counts return leg as well into the fare.
It is currently covering more than 100 one-way routes from Ahmedabad, Rajkot, Udaipur, Jaipur, Vadodara, Surat, Mumbai, Nashik and Pune. It claims to have customer base of more than 30,000 passengers and gets about half of its bookings from Gujarat and 40% from Maharashtra.
It offers instant booking and confirmation, clean & professional cab services and multiple payment options including Credit Card, Debit Card and Net Banking. It is not charing extra during night time, nor it charges for luggage.
Going by the company’s operation and the revenues generated, the company is anticipating to hit the mark of $1 million in annual revenues.
Ajay Gupta, who invested in this round, said,
Digitalisation is transforming all industries and we have seen the impact of digital in intra-city travel. Inter-city taxi (service) is a much larger market in India and it requires a very different mindset, organisation and technology than intra-city. OneWay.Cab is best positioned in this space to tap the market.