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.
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 users to book a taxi on their mobile phones in real-time.
The company competes Bangalore based TaxiForSure which has an inventory of approximately 1000 cars and apparently earns 90% of its business through local point to point services, YourCabs which has a fleet of approximately 1200 cars and 60% of its revenue through local bookings and had raised angel funding from Sprism Investment Pvt Ltd . TaxiGUIDE which has a fleet of 5000 cars and a coverage network of 75 cities and had raised Rs 25 lakh in angel funding from Anand R P. Olacabs, an online car rentals and cab services venture from ANI Technologies, recently launched a wallet service for its users where users can maintain a credit balance with Olacabs to use the service as and when needed.
Cab booking services Savaari Car Rental Pvt Ltd which offers an online rental service for chauffeur-driven cars, and had raised Rs 5 Crore in Series. Getmecab.com, which offers cab rentals in Delhi-NCR, Mumbai and Bangalore, and has tie-ups with around 25 car rental operators such as APEX, Global Travels, RBTS, KS Car Hire and RBS Tours and Travels. Car rental company, Carzonrent India Pvt Ltd, which operates Radio Taxi services under the name Easy Cabs had also acquired the online car rental service aggregator, QCABS