Gujarat Based OneWay.Cab Raises $450K Funding from Indian Angel Network
OneWay.Cab, a single-way taxi service provider, has raised $450,000 funding from Indian Angel Network (IAN). The funds infused will be utilized by the company to initiate strategic geographical expansion, upgrade technology and increase senior level hiring. IAN member Ajay Gupta will be joining the board of OneWay.Cab for further guidance to the team.
Based out of Ahmedabad/Vadodara, OneWay.Cab is considered a key differentiator in the organized travel space, charging only for a one-way trip in inter-city travel. It has recently launched referrals and non-cash- based wallet with an eye on a broad-based future growth. It has pioneered in Western region of the country covering over 100 one-way routes from Ahmedabad, Rajkot, Udaipur, Jaipur, Vadodara, Surat, Mumbai, Nashik and Pune.
This is a proud moment for OneWay.Cab. Starting off from a city like Vadodara where startup ecosystem is yet to be developed to fall back on and so far it had been a challenge to secure funding. However, getting connected to IAN made it an effortless not only for funds but also for securing guidance in future strategies. The funding has come at a crucial time when OneWay.Cab has its eyes set on a broader horizon, trying to push boundaries to take its superior services to a wider base of customers.”
“OneWay.Cab has managed to cross $1 million annual run-rate with a healthy organic growth rate of 15-20% month-on-month. With more than 30,000 customer base. With the support received from Indian Angel Network, we hope to accelerate our growth in excess of 45-55% month on month.” said Vivek Kejriwal, Founder & CEO, OneWay.Cab.
OneWay.Cab is born out of experienced core team of Chartered Cabs and Baroda Taxi Cabs in 2015. Deft management is the key to success and the company has done just that. Team members Devang Sanghvi, Co-Founder & COO, Pankaj Gandhi, Co-Founder & Advisor and Vikas Agarwal, CTO are working round the clock to accomplish the vision set by the company.
OneWay.Cab receives about 50% of its bookings from Gujarat, 40% from Maharashtra and 10% from other routes. About 82% of the bookings are serviced in a completely automated manner with no manual or human intervention.
“Digitalization is transforming all industries and we have seen the impact of digital in intra-city travel. Inter-city taxi is a 12 Billion Dollar market in India and it requires a very different mindset, organization and technology than intra-city. We feel OneWay.Cab is best positioned in this space to create and tap the market and provide its customers the best deal. The team brings with them both technology and operational experience. We look forward to an enriching association,” said Ajay Gupta, Board member from IAN.
The total taxi market size is in excess of $10-12 billion out which 65% of the market is outstation. OneWay.Cab aims to occupy $ 2-3 billion of the pie which is currently accounted as part of outstation. High Booking Value of OneWay & outstation trips is what contributes to higher market size as compare to intra-city rides which is approx. Rs. 100-200 in Category B cities. Inter-city car rental is mostly unorganized and fragmented as compared to intra-city space.
