Indian Angel Network (IAN) invests in OneWay.Cab with $450,000. The startup seems to use this for the expansion plans along with technology upgradation and new hires. Ajay Gupta, leading investor from IAN will join the company’ s board,currently working as head of strategy and marketing at Ericson India. Startup will be mentored and guided through the experience of Abhishek Agarwal (Director, Fortune Interfinance) and Rahul Mehta (Private equity investor, IL&FS Investment Managers).
“After been funded, we expect to accelerate our growth in excess of 45-55% month-on-month” said Sanghvi, CEO of OneWay.Cab.
The basic plan to stand out is to charge customers for the ride they have taken from one city to other. Thus excluding the return fare which is what most of the cab drivers do. This leads to a far bigger hole in customer’s pocket. Thus the satisfaction availability and saving user’s money is the calling card upon which it is formed.
Founded in 2015 by Vivek Kejriwal, Devang Sanghvi and
Pankaj Gandhi (Cofounder, Chartered Cabs). It is currently active at 100+ one-way routes from Ahmedabad, Rajkot, Udaipur, Jaipur, Vadodara, Surat, Mumbai, Nashik and Pune. Customer base consist of 30,000+ passengers. Approx. 50% of bookings hails from Gujarat and 40% from Maharashtra. It anticipates annual revenue of $1million with respect to the current scenario.
“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,” said Ajay Gupta.
$10-12 billion is the Indian Taxi market size. 65% is the share of Inter-city travels. OneWay.Cab aims to occupy $2-3 billion of this sector.