Intercity taxi service provider Wiwigo has raised Rs 4 crore in funding from Indian Angel Network (IAN) and two high networth individuals (HNIs). IAN investors Priyank Shankar Garg and Harsh Chitale have led the funding round, with Garg joining the board and also mentoring the team.
Since past few years, several companies in this segment have emerged out to be tough competitors. Wiwigo is currently working to disrupt business model and is passenger friendly to help them save almost 45% of current fares. Founded in April 2015, the company has its presence in over 40 cities, and offers round-trip and multi-city travel options.
According to Ministry of Transport figures, the estimated interstate passenger taxi revenue was around $3.5 billion in 2012. Further to that, Wiwigo estimates that one-way taxi target market is roughly around $550 million.
Sunil Chaula, Founder and CEO, Wiwigo, said:
With the growing number of drivers and vehicles, we shall be able to introduce ‘Power Smart Pricing’ for customers in near future. This would enable further saving of 20 percent for the customers. Our proposition is unique, and our vision clear. The support from IAN has been great as the leads not only mentored us but also gave us industry insights and tactics to curb the prevailing issues.
Nilesh Pawaskar, Co-Founder & CMO at Wiwigo, said:
We are doing one-way journeys for major destinations in India already. The response from metro cities has been incredible and growing at a fast pace. We aim to revolutionize the inter-city travel in the country making ourselves the most preferred taxi booking platform in India.
In a previous interview with Telematics Wire, Mr. Sunil Chaula has shared his company’s plans for the next few years and also explained the role of technologies in maintaining smooth services.
Apart from that, he also mentioned that GPS tracking is a minimum requirement for a cab to be registered with their organization. These technologies reduces operational overhead and at the same time provides safety and security to their customers.