Delhi-based cab search, comparison and booking platform Cabsguru has raised an undisclosed sum in angel round of funding from a group of investors, led by Prashanth Ranganathan, Founder and CEO of Paysense and former Head of Product (APAC) at PayPal, at US $3.5 million valuation.
The startup will use the funds to strengthen its product and bring in innovation and efficiency at both the demand and supply sides of the ecosystem.
Founded in 2014 by Vikash Singh and Pulkit Ahuja, Cabsguru helps you book radio taxi cabs (TaxiForSure, Ola Cabs, Easy Cabs, Meru Cabs, Tab Cab, CabsInGoa) in Delhi, Mumbai, Chennai, Bangalore, Hyderabad, Ahemdabad, Pune, Jaipur, Baroda, Surat, Goa, Gurgaon, Noida and Ghaziabad using one app.
You can check cab availability of multiple service provider, compare fare, ratings of multiple cabs service providers and book quickly. It remembers your profile for various cab operators and automatically login and make booking. It serves as fare calculator too.
The founding team is also advised by an advisory board comprising of INSEAD Angels including Dharmendra Yashovardhan, former co-founder of ixigo, Rishab Malik, co-founder of Droom and former Operating Partner of GSF Accelerator, and Devneet Bajaj, founder and CEO of M.I.T.R.A.
The firm recently launched a multiple cab operator, search and booking bot called Robocab.
“Robocab has been programmed to solve the most common pain point of today’s cab users – the pain of seeing ‘no cabs available’ on your cab app screens during the peak morning and evening hours when you need your cabs the most,” according to Singh.
Ahuja said the idea of Robocab came to life after he went through the same problem on a daily basis. He claimed that Robocab ensures Cabsguru users don’t have to sit and keep juggling between different cab apps during rush hours until they find a cab. Robocab handles this for the users based on their predefined preference of time, cab operator, type and surge pricing.
“Robocab’s backend design is based upon the algorithmic trading of stocks — the only difference being that instead of buying stocks, Robocab indulges in booking cabs based on a selected set of rules defined by the user,” added Ahuja.
The company is also in the process of building a cross-vertical data gathering and analytics engine that is being designed to predict the Indian user’s impulsive preference of road travel across multiple verticals including bike taxis, self-drive cars and cab offerings from various cab providers.
Cabsguru has more than one hundred and twenty thousand organic users and handles more than a hundred thousand cab search, comparison and booking queries on a monthly basis,as the company claims.