Bangalore based, shared cab online portal Cubito.in has raised undiclosed amount in angel funding from unnamed Indian angel investors, confirms co-founder Akhill Singh, Cubito.in. Though he declined to share other details of the deal but according to Techcircle, the funding amount is speculated to be under USD 100k.
The raised funds will primarily be used in hiring talent, operational expenditures and for expansion in more cities including Hyderabad and Pune.
Cubito was co-founded by Akhil Singh and Pranay Agrawal, in July last year, is a organized cab pooling services using technology to pool or group people travelling on the same route.
It also provide individual booking if the user do not wish to travel with others and prefer privacy but individual booking should be a monthly or weekly booking.
The company currently offers services in Goa and Bangalore and so far it has served more than 10,000 customers in Goa and has more than 300 registered daily commuters in Bangalore.
“Response has been really good, people are accepting the concept really fast and also spreading the word around as they are finding it useful,” said Akhil Singh. As there are lot of daily commuters and most of them are not happy either because of the traffic problem or because of the hassles associated with buses or auto, so the market opportunity is good, he added.
Cubito provides cab service at the cost similar to that of public transportation i.e. INR 6 per km and for AC cab it charges less than INR 7.50/km.
There is no registration cost involved to use its services, one just need to either log on to the website or Use their Android Application or give a call. Payments can either be made online or via cash.
Recent investments in the same category include, Taxiforsure raising funds from its seed investors, Savaari raised USD 1 Mn Series A funding from Inventus Capital and Olacabs’s Series A funding from Tiger Global.