Indian Angel Network, the group of prominent Angel Networks from India has invested $450k (INR 3 CR) in Gujarat based One way taxi service provider, OneWay.Cab
Post investment, Ajay Gupta (Ericsson India’s head of strategy and marketing and one of the leading angel investors in IAN) will join the board and Abhishek Agarwal & Rahul Mehta will join the startup as mentors.
OneWay.Cab was founded in 2014 by Devang Sanghvi and Vivek Kejriwal. It provides one way cab rides to the customers to implement the last mile connectivity. With services in cities like Ahmedabad, Rajkot, Surat, Vadodara, Mumbai, Nashik, Pune, Udaipur and Jaipur, it provides services on over 100 one way routes. The raised funding will be used to expand to more Indian cities, hiring more manpower and strengthening the technology.
Talking on the development, Devang Sanghvi, CoFounder and COO stated that the funding will allow them to attain a growth rate of 45-55% on month-on-month basis. He claimed that the startup has over 30,000 registered customers and half of the user base is from Gujarat and other 40% from Maharashtra. The startup is looking to touch an annual revenue of $1 Million.