Not finding a cab on time? Worried about surge pricing imposed by cab aggregators? Opening multiple cab apps to find a cab? Paying too much for a ride? No worries. A Bengaluru-based startup Cabto is trying to solve these problems through an app-based solution which would allow customers to access all information in one single app.
Cabto is an aggregator of aggregators. It aggregates major cab providers’ data like Ola, Uber, Meru, TaxiForsure, Easycabs among others, and filters cabs with estimated time of arrival and pricing, letting users to decide on the cabs/autos that is cheaper and nearest and book through its platform. The startup, founded in February this year by Syed Hidayath, a software engineer by profession, has seen 20,000 downloads in a span of 3 months and claims to have 1,500 bookings per month on its platform. The business is based on an affiliate model on the likes of Redbus, Ixigo, ScootApp and other services, with a revenue model of earning commission on every ride that is booked using
Syed Hidayath said, “We are excited to provide a platform that will serve as a one stop solution for customers, who will get to see the cheapest and nearest cab options in one place, in turn, helping them to make informed purchase and bookings. This will work as a boon for customers during ‘odd-even rule’ as surcharges will be generally high. This is just the beginning, we are looking at creating a travel marketplace with one stop travel solutions for customers including ride shares/bike taxis, self drives, inter city rental etc.”
Cabto, in its early stages, is yet to incorporate the ride sharing services and shuttle services offered by Ola and Uber on its platform. The startup has its presence in Tier 1 cities and plans to extend its presence in Tier-II and Tier-III cities soon. However, not all cab aggregators have agreed to fully integrate with Cabto and allow direct bookings. In some cases, the app redirects to the concerned cab aggregator’s app to make a booking. According to Softbank, a leading investor in Ola, the organised taxi sector in India is estimated to be worth around $7 billion by 2020.
Cabto, which is self funded by Hidayath, is in talks with investors to raise the seed round of funding to invest in technology and human resource. The company, which currently incurs about 60% of overall spend on marketing, plans to clock a revenue of R3.5 crore by end of 2016 and about R18 crore by end of next year, with a target user base of 1 million.