Cabsguru raises funding in angel round, now valued at $3.5 million

Cabsguru raises funding in angel round, now valued at $3.5 million

Cabsguru, a New Delhi-based cab search, comparison and booking portal, has raised angel funding led by Prashanth Ranganathan, founder and CEO of Paysense. The raised capital would be used to further strengthen its Cab MetaSearch product. The startup now valued at $3.5 million.

Started in 2014 by Vikash Singh and Pulkit Ahuja, Cabsguru, via its cab search and booking bot called Robocab, allow users to search multiple cab operator and booking from the same platform, enabling them to save time and money.

“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,”said Vikash.

Currently, Cabsguru giving its service across 75 cities in the country, and has over one hundred and twenty thousand organic users and handles more than a hundred thousand cab search, comparison and booking queries on a monthly basis.

Talking about the idea behind Robocab, Pulkit said, “The idea of Robocab came to life after going through the same problem on a daily basis. Robocab ensures that the Cabsguru users don’t have to sit and keep juggling between different cab apps like Ola, Uber, Taxi For Sure, Meru and Easy Cabs during rush hours until they find a cab. Robocab handles this for the users based on their predefined preference of time, cab operator, cab 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.”

Talking about the taxi-hailing space in India, the two major players battling out for the top position in this domain are Ola and Uber. Earlier this month, Uber received around $2.1 billion from Tiger Global to further strengthen its position in the global market.