The vision of company is to bridge the gap that exists in the current taxi aggregation models. Its focus is to ensure the security of the passengers via its security device APNA COP, consistent pricing of rides in alignment with the government rates, availability of various booking options including deferred booking, and offering customers the most consistent, secure and hassle free experience.
“In the era of smart phones & 4G internet connections, Apnacabs comes with a promise of zero refusals, polite drivers, hassle-free and quick pick-up and drop-offs, added security and convenient payment options at no extra cost”, says Lingidi.
The company offers its customers to choose between air-conditioned or regular rides anytime, day or night, according to their budget at the government-approved taxi rate. They can book rides through either ApnaCab’s call center by dialing 600 00 200 or via its Android app.
“Since we are a government licensed operator so passengers have a guarantee of utmost safety and security”, assures the founder of the company. To enforce strict quality standards, the company claims that its team conducts routine spot checks for all the cabs in the network. It also has a security device installed in each of the registered ‘Kaali-Peeli’ taxi and Cool Cabs for 100% safety, especially for women passengers, with its backend command center, monitoring the movements of the cabs through GPS. It also has a “Panic Button” for passengers for assistance. Currently, the company is in the process to replicate the model across the country with an aim to bridge the gaps that exist in taxi aggregator business, and to bring about a more consistent and secure experience to the customers.
Key Problems Addressed by the Startup
- Safety of passengers
- Multiple booking options
- To keep a check on pollution, the company strictly adheres to cabs fitted with CNG kits.
Business Model and Monetization
The company’s business model is based on multiple revenue streams that includes; Innovative Cab Advertisements, Commissions on rides, Revenue from other customer engagement models. Currently, it has 1700 taxis registered and is in the process of monetization.
“We take branding and advertising calls from the corporate to promote their brands on our taxis. Our core revenue model is through selling the space on the taxis”, confirmed the team.
Traction Details and Funding Status
The bootstrapped startup is currently working with over 1700 cabs in Mumbai. Its has installed security device in 15 taxis and will complete installation in all 1700 taxis by the end of this year.
Its app is rated 4.1 on Google Play.
For its expansion plans, it is looking to raise over $5 million in the next 6 months.
How is ApnaCabs Different from Ola and Uber?
ApnaCabs is a Government authorized taxi aggregator. One of its distinguishing factors is that it provides taxis even on the basis of hours. The safety measures that the company claims to have taken is its USP.
“We strongly believe that the market potential is tremendous for several players to come up and initiate new business model. Our vision and model is more focused on building a long-term sustainable and profitable business and not on just gaining customers. Our unique and much-appreciated security model is a proof of our intent,” maintains Lingidi.