Car sharing service, CoolShare has raised $100K in seed round of funding from angel investor Gopal Aggarwal. The startup is planning to raise Series A round of funding for more expansion of its service. CoolShare is a car sharing service that is operated by Zoomot Services and runs through dedicated routes in Mumbai.
CarSharing service currently operates in Mumbai that offers customers to book the seats that runs on particular routes at regular interval. Interested users of the city can download the mobile app from Google Play Store and book the seat or know about the vacant seats.
Users can also track their cars on real time basis. The startup runs its own fleet on fixed routes and fixed schedules. Here users can book their seats without contacting other passengers. The best part about this service is that you have to pay based on point to point model instead of splitting fare model.
Zoomot Services was started by a team of IITians Randeep Singh, Youmit Singh and Navneet Singh earlier this year. The goal of the company was to make urban communication easy and comfortable. As of now, the service operates on 5 routes in Mumbai and the company is planning to expand its routes up to 20 in next six months. After, this startup is also planning to expand its reach to some other top cities of India.
As of now, the service has around 1,500 transactions per month, where average price of ticket is RS. 110. Its mobile app has 500 downloads. According to the company, more than 70 percent of its customers are repeat users.
The startup faces competition from Taxi aggregators Ola and Uber, as they have also launched their ride sharing facility Ola Share and uberPOOL respectively. Some other services like BlaBlaCar and Tripda are also going to be the competition for the startup. Only, time will tell that how this startup handles competition from these players?