Taxi rental service Bookmycab has received its first round of funding from an early stage venture capital firm YourNest Angel Fund and Mumbai Angels, reports Pluggd.in. The financial details of the deal have not been disclosed, yet. Sunil Goyal, CEO and fund manager of YourNest Angel Fund, will be joining the board of BookMyCab as a nominee. The company intends to use the funding received, to expand its taxi base in Mumbai. Bookmycab is a taxi rental service that currently operates in Mumbai, letting users book black and yellow traditional cabs as well as air-conditioned cool cabs. LiveMinds Solutions that runs Bookmycab is the sole licensee from Maharashtra Government to run its call taxi service under the brand name Bookmycab.com, according to the company. It operates as a local point to point service. Bookmycab's USP is essentially the low fare structure it offers compared to other online taxi rental service as it has access to the black and yellow cabs. What's interesting is, Bookmycab, unlike other taxi rental service does not own its own cabs and instead operates as an aggregator. It provides cars like Hyundai Santro, Maruti Wagon R, Maruti, EEco, Swift Desire which are equipped with the vehicle tracking technology so the taxis can be tracked at any given second with the help of GPS. Mobile The company said that it will soon be launching location-based iPhone and Android phone app with social media integration to allow commuters to book taxis via Facebook. Its competitor, Olacabs, recently launched its Android app which allows…
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