#Asia Wiwigo raises US$600k funding from IAN, aims to address expensive one-way trip problem


Wiwigo’s fundraise from IAN will help them expand its operations to over 100+ cities by the end of 2016


Wiwigo, an Indian-based inter-city taxi service provider, has raised US$600,000 funding from Indian Angel Network (IAN), the world’s largest network of angel investors, and two unnamed high-net-worth individuals.

The online platform for inter-city travel by cab aims to address the expensive one-way trip problem in the transportation industry and disrupt the current model by helping passengers to save almost 45 per off from current fares.

Also Read: Startups that enables you to create a mobile app in just 5 minutes receives funding

The inter-city car rental market in India is worth approximately US$9 billion and it’s growing at a 12 per cent compound annual growth rate. Around 90 per cent of this market is unorganised and highly fragmented.

As per Ministry of Transport figures, estimated inter-state passenger taxi revenue was around US$3.5 billion in 2012. The company estimates that one-way taxi target market is worth roughly around US$550 million.

IAN Investors, Priyank Shankar Garg & Harsh Chitale, have led the funding round. Priyank Shankar Garg will join the board of Wiwigo to mentor the team for fast growth.

Also Read: E-commerce bubble in India: Has it burst yet?

“We aggregate demand on the either cities of a route and provide back-to-back bookings to our fleet, bringing down the cost to customer by up to 50 per cent. The inter-city taxi market is 90 per cent unorganised, and dominated by offline agents, and we aim to standardise it while adding value to the customers,” said Sunil Chaula, Founder & CEO at Wiwigo, in an official press statement.

“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 per cent 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,” he added.

Founded in 2014, Wiwigo has ongoing contracts with large OTAs to serve their customer base for holiday packages and last mile connectivity.

Founded in 2006, IAN has invested in startups from over 17 diverse industries/sectors across seven countries, with more than 400 investors from 10 countries. Its presence spans seven locations.

The post Wiwigo raises US$600k funding from IAN, aims to address expensive one-way trip problem appeared first on e27.

from e27 http://ift.tt/2a2cvYF

This entry was posted in #Asia by Startup365. Bookmark the permalink.

About Startup365

Chaque jour nous vous présenterons une nouvelle Startup française ! Notre pays regorge de talents et d'entrepreneurs brillants ! Alors partons à la découverte des meilleures startup françaises ! Certaines d'entre elles sont dans une étape essentielle dans la vie d'une startup : la recherche de financement, notamment par le financement participatif (ou crowdfunding en anglais). Alors participez à cette grande aventure en leur faisant une petite donation ! Les startups françaises ont besoin de vous !