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.
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.
Founded in 2014 by Vikash Singh and Pulkit Ahuja, Cabsguru provides a single search engine for customers to book, track and rate cabs — such as Ola, TaxiForSure, Meru, Easy Cabs, Mega Cabs, Yo Cabs and Tab Cab — directly from its mobile app.
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.
Cabsguru has expanded to 75 cities. As of today, it has more than 120,000 organic users and handles more than 100,000 cab search, comparison and booking queries on a monthly basis, claims the firm.
The lead investor Ranganathan had previously founded Truvie Security (sold to PayPal in 2011) and co-founded SayNow Inc (acquired by Google in 2010).