Indore-based online outstation taxi marketplace InstaCar has secured $1 Mn Seed funding from Hong Kong-based Swastika Co Ltd.
According to a company statement, within two months of its launch, the startup has on-boarded over 500 cars in Madhya Pradesh.
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“India currently is flooded with taxi and rickshaw aggregators within cities while Ola recently launched its outstation services, but the solutions we are offering like choice of car make and model selection, actual photographs, background-check of drivers, luggage carrier, pet-friendly cars etc., are the differentiators and is probably a unique business model in India as well as global market,” said co-founder Ishan Vyas.
India’s organised taxi market is presently pegged at $1.2 Bn (INR 7,900 Cr) and it is estimated to reach at $15 Bn (INR 1 lakh Cr) by 2022. Although, the taxi market is flooded with a number of players in the domain, the homegrown player Ola, valued at $5 Bn, and Uber, valued at $68 Bn, are fighting for the top slot. Other startups in this domain include AHA Taxis, Instacab, Savaari.com etc.