Serial investor C Sivasankaran, popularly known as Siva in his friend circles, is back in action. This time around he has announced that he is backing the taxi hailing start-up UTOO to take on the likes of Ola and Uber.
UTOO will be based out of Chennai and will only use 2016 model cars. It commenced operations from Thursday itself.
Sivasankaran told media persons that he has to thank Uber and Ola for creating a lucrative market, which prompted him to take a plunge. “We will match the pricing of both the biggies in the industry and most importantly there won’t be any surge prices,” he said. “If you ask me how much investment is required, I would say it would be between R350 crore and 1200 crore, depending on the size and quality of the service.”
This is not the first time that Sivasankaran is entering a crowded space. His own brain child Aircel belatedly started operations, after established players like Airtel and RPG had established themselves in the market.