Cab24X7, an online cab booking platform operated by Bangalore-based Signia Corporate Services Pvt Ltd, has expanded its operations to 18 cities, reports Techcircle. At the time of writing this article, the website offered services in 17 cities including Bangalore, Bikaner, Chennai, Hyderabad, Mumbai, Pune, Delhi, Ahmedabad, Surat, Kochi, Kozhikode, Jaipur, Jodhpur, Udaipur, Jaisalmer, Thiruvanathapuram and Bhubaneshwar.
Cabs24X7 is an online marketplace that offers cabs on hire for local usage, airport transfers and outstation travel. The company had launched its online operations in November. It does not operate any fleet, instead, it just aggregates cabs from various small and medium operators across the country. Cabs 24X7 claims that they are in the process of expanding into Tier II and III cities and plans to cover 50 cities by the end of this year. Currently the company says that it closes 4-5 transaction a day but expects to reach a level of at least 25 to 30 reservations per day by the end of this financial year.
Monetization: Cabs24X7 charges 17 to 25 percent margin, on each online booking, depending on various factors like city, type of car, local market rates, demand etc. Customers can either pay the entire amount or just the booking amount at the time of booking, however, the company claims that it provides online invoices to the customer for the full estimated amount.
Cabs24X7 competes in the crowded online cab booking space. In the last couple of months we have seen increased activity in the cab/taxi booking space, which is one of the most unorganized sector. Bangalore based TaxiForSure 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, had raised angel funding from Sprism Investment Pvt Ltd . TaxiGUIDE which has a fleet of 5,000 cars and a coverage network of 75 cities, 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, had raised Rs 5 Crore. Getmecab.com, 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. More recently, Taxi rental service Bookmycab raised its first round of funding from an early stage venture capital firm YourNest Angel Fund and Mumbai Angels