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July 26, 2012

Deal Alert: Bookmycab.com –Mumbai’s First and Only Call Taxi Service Raises Funding from YourNest Angel Fund and Mumbai Angels

From the Press Release

YourNest Angel Fund, an early stage venture capital fund has invested in Bookmycab.com, which offers lowest fare among all cab operators in Mumbai. Bookmycab.comoffers local travel – point to point, airport transfer and railway station transfer using metered taxi through its 24 hour taxi helpline (022) 6-1234567, website www.bookmycab.com or by sending email to mumbai@bookmycab.com.It is the only service provider to book Black & Yellow Taxis and Cool Cabs in Mumbai. The local taxi services are offered at regular fare structure as approved by transport authority: 
  •  Non AC – Rs. 17 for 1.6 Km and thereafter Rs. 10.5/Km, 
  •  AC – Rs. 21 for 1.6 Km and thereafter Rs. 13/Km 
Bookmycab.com has an exclusive Pan India partnership with ARS SE (subsidiary of ARS Traffic & Transport Technology BV, The Netherlands) for running its entire technology backend including dispatch technology comprising navigation device, automated dispatch technology and IT infrastructure.

Following strict quality norms, every taxi under Bookmycab.com is RTO verified and passed through the stringent KYC norms for both taxi and taxi drivers. With real time tracking for every cab round the clock, Bookmycab.com ensures that its cabs are completely safefor women and old age passengers. 

With over 1900 taxis registered for the service, Bookmycab.com plans to use the funds raised from YourNest Angel Fund toexpand its taxi base to secure a leadership position in Mumbai.

“Bookmycab.com is the only call taxi service in Mumbai to book regular Black & Yellow taxis which include the newer models like Santro, Wagon R, EECO, Swift Dzire, etc. While it offers the lowest metered fare to the customers it also ensures the passengers safety through real time tracking of every cab round the clock thus making it a distinct taxi service in the city,”says Avinash Gupta, Managing Director – Bookmycab.com 

Added Raviraj Jain, Founding Director, Bookmycab.com, “We aim to improveaccessibility to taxis for the average commuter by providing them convenient booking options via the internet and phone. Soon, we’re also launching location-based iPhone and Android phone app and social media module to allow commuters to book taxis via Facebook.” 

Sunil K Goyal, CEO and Fund Manager, YourNest Angel Fund who will also join as a nominee on board of director of bookmycab.com said, “There is an urgent need to address the state of the local transport in metros like Mumbai. Presently, while commuters suffer due to lack of sufficient cabs offering quality service, taxi drivers are faced with low earnings. Bookmycab.com effectivelyaddresses both these issues. As we move forward, Bookmycab.comwill extendthis model to other cities too.” 

“Great team, world class technology partner, licensed by the state government and a scalable business model attracted us to partner YourNest in sharing the vision of Bookmycab.com,” Anil Joshi, Mumbai Angels, said. 

About Bookmycab.com 

Bookmycab.com is run by LiveMinds Solutions and is an initiative by IIT Bombay alumni. LiveMinds Solutions is thesole licensee from Maharashtra Government to run its call taxi service under the brand name Bookmycab.com. 

While most of the radio taxi services are only synonymous to AC taxis, Bookmycab.com has enabled commuters to choose between the Black & Yellow taxis, the non-AC taxis with regular fare and AC Cool cabs. 

Bookmycab.com follows a stringent process of recruitment of taxi drivers. The credentials each driver in Bookmycab.com such as valid driving license, address proof, driver’s batch, photographs, etc. are verified by the Mumbai RTO to ensure that our passengers are safe. The strict process of induction is not only confined to drivers but also vehicles used by Bookmycab.com have valid official documents such as permit, registration certificate, insurance policy of the vehicle before the cabs are inducted into its service.

Only new cars like Hyundai Santro, Maruti Wagon R, Maruti, EEco, Swift Desire are equipped with the latest vehicle tracking technology so the taxis can be tracked at any given second with the help of GPS. Besides this, the taxis are also fitted with onboard GPS/GPRS touch screen device, electronic meter, printers, fire extinguishers, first aid box for trouble-free commuting and to offer a higher comfort level for our passengers.

About YourNest Angel Fund 

YourNest Angel Fund is a SEBI registered early stage domestic venture capital fund. It invests in businesses built on vibrant, new ideas and in the opportunities opened-up by the explosive growth in entrepreneurial activities in India. YourNest plans to maximize returns by enabling portfolio companies to build scale and create value. It focuses on building a diversified portfolio of fast growing unlisted start-up companies that are attempting path-breaking use of technology or have an innovative business model or build on a scalable & SMART Idea or represent an emerging sector. 

YourNest offers support, constant guidance, handholding, expertise in business strategy, and access to a wide network for entrepreneurial growth – besides funds. For details, please refer to www.yournest.in. 

About Mumbai Angels, www.mumbaiangels.com 

Mumbai Angels, started in 2006 is the leading premium Angel network in India. The Mumbai Angels provides a unique platform to start up and very early stage companies by bringing them face to face with successful entrepreneurs, professionals and executives who are interested in and have the funds available to invest in start-up companies. Many members of Mumbai Angels have prior Silicon Valley experience. In addition to the capital of its members, the Mumbai Angels provides access to high quality mentoring, vast networks in India and abroad and inputs on strategy as well as execution.