OlaCabs, an online car rental service which is based in Mumbai has launched Android app which allows users to book a cab directly from their phone.
The application helps the user to book the nearest Olacab and its movement towards them with a one-touch interface on their smart phones. A confirmation of booking is also received immediately after booking along with vehicle number and cab drivers name. A map displays the cab’s movement till it reaches them user. Furthermore, a credit balance can be maintained by registered users without making any physical payment to the cab driver.
Commenting on the launch of the app, Bhavish Aggarwal, Co-founder and CEO, Olacabs, said in company statement, “We are very excited to be the first in India to be able to offer cab services through a mobile app. This app is a rare instance of technology innovation that directly impacts all stake holders in an offline industry and with its sheer simplicity has the potential to be a game changer in the largely unorganized cab industry in India”.
According to the company, the iPhone app will be launched in next week and the Blackberry version is expected in a month. With plans to launch its operations in Delhi and Bangalore this month, Olacabs intends to extend its service across 10 cities in India by year end.
In recent months a sudden increase has been seen in online cab players. The size of the taxi market in India is roughly Rs 14,000 crore and is growing at 12 per cent annually. In the last two months VC majors, including Tiger Global Management, Inventus Capital, Helion, Accel Partners and Blume, have parked their funds in tech-startups operating in the online cab rental space. Last month, car rental booking portal Taxiguide.in raised Rs 25 lakh from angel investor Anand R P, who is also the investment director at Squadron Capital.
With increasing competition from smaller players, one of the largest car rental companies in the country, Carzonrent, has also mapped out aggressive growth plans. It currently operates a fleet of 6,500 cars and is targeting revenue of Rs 400 crore during the current fiscal.
According to estimates, 90% of the cab market in India is unorganised, offering tremendous growth prospects. VC players point out that currently there are only three to four serious players in the domestic cab service.
Savaari.com, Meru Cabs, Easy Cabs, TaxiforSure are some of the other players in online cab rental service.
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