Noida-based bike taxi and hyperlocal delivery app, NOW, has secured $500,000 (Rs 3.35 crore) in angel funding from Jaipuria Group’s managing director Ruchirans Jaipuria and Supreme Motors director Anuj Sanghi.
Out of $500K, the company has already raised $200K, and the remaining capital will flow on the basis of performance, said Vivek Pandey, co-founder and CEO of NOW.
NOW was founded by Vivek Pandey, Bharat Khandelwal, Sushant Arora, Harpal Singh, Aryan Solanki and Parteek Singla.It is run by Noida-based TapTap Meals Pvt Ltd, provides on-demand two-wheeler rides besides facilitating horizontal delivery for individuals and businesses through its bike taxis. It facilitates delivery of courier, food parcels, medicines and grocery, said Pandey.
The startup claims to clock about 250 daily trips in the NCR region. NOW’s parent pivoted from running food delivery app TapTap Meals to its current avatar in October 2015.
Earlier than this in January, NOW received funding from boutique investment banking firm Maple Capital Advisors and Abhinav Grover, Director at Maple Accelerator.
Baxi, which runs a bike-ride hailing service, had raised Rs 10 crore (around $1.4 million) in a seed investment round from a clutch of HNIs a few months back. Another player, Ace Fenders Travels Pvt Ltd, which runs the M-Taxi app, had received investment from angel investors Mandeep Singh and Jairaj Singh. Madhatters Voyage Pvt Ltd, which runs a two-wheeler taxi service called Bikxie, secured angel investment from an investment banker in the Middle East and a businessman based in South India.