OneWay.Cab Raises $450K From IAN

Gujarat-based one way taxi service provider OneWay.Cab has raised $450K (INR 3 Cr) from Indian Angel Network (IAN).

Ajay Gupta, head of strategy and marketing at Ericson India and the lead IAN investors, will join the startup’s board. Besides, Abhishek Agarwal, director at Fortune Interfinance, and Rahul Mehta, private equity investor at IL&FS Investment Managers, will provide guidance and mentoring.

Founded in 2014 by Vivek Kejriwal and Devang Sanghvi, OneWay, aims to provide one way inter-city travel by integrating last mile connectivity. The startup has raised the capital for expansion, technology upgradation and hiring. It presently provides services for at least 100 one-way routes from Ahmedabad, Rajkot, Udaipur, Jaipur, Vadodara, Surat, Mumbai, Nashik, and Pune.

Devang Sanghvi, co- founder and COO of OneWay.Cab said, “After been funded, we expect to accelerate our growth in excess of 45-55% month-on-month. We have a customer base of more than 30,000 passengers and get about half of our bookings from Gujarat and 40% from Maharashtra. Based on present business, we anticipate annual revenue of $1 Mn.”

Recently, C Sivasankaran, who has made many deals in telecom sector, launched UTOO Cabs from Chennai.

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