WooCabs, Eyeing to Raise Funds from a London Based Fintech Firm.
Chitranshu Sharma
Growth Marketer @Growzify | Helping Startups, Small, Medium & Large Business With Real Growth | Digital Marketing, Performance Marketing, Online Reputation Management
According to sources Indian Outstation Cab Aggregator “WooCabs” is in talks with London based Fintech Company lead by Matthew Ledvina to raise funds. There is no official comment has been made by officials at WooCabs but they mentioned that they have approached Matthew with a proposal and waiting for a confirmation on talks.
Continuing on this note, some sources have claimed that both parties are in final talks and the deal may get closed by first week of March 2019. Matthew will show a green flag to the deal if all goes well, however this can be confirmed after an official statement. Many experts are commenting that the company should have seen something interesting in WooCabs to realize such as investment as it will be their first investment in a road transportation company. Outstation taxi services in India serves a US $9 Billion market and is growing at a fast pace of 10%-12% every year. However, Outstation taxi services in India also has high competition with increased demand.
Talking a little about Matthew Ledvina, he is leading a London-based Fintech company from the front. Through his company, he is supporting the growth of financial and travel niche startups through asset-backed lending. In addition, he believes that without taking risks it is hard to come up with new and more effective technologies.
Further Details of the Investment
According to the sources, Indian cab aggregator is likely to raise US $2 million from the London-based Fintech Company. In fact, the role of Fintech Company as the angel investor of the WooCabs is also in talks. In exchange for the invested money, the Matthew Ledvina led company will receive 10-12% of ownership equity.
Regarding WooCabs, it currently offers its services in a limited number of Indian cities, dominantly in the Northern region of the country. The funding that the travel firm is possibly getting through its angel investors might be used to expand and strengthen its services. There are greater chances that WooCabs may extend its services to many major cities throughout the country after receiving the multi-million investment.
App based road transportation firm currently owns a network that comprises of nearly 2000+ vehicles for satisfying customers’ transportation demands. Additionally, many users reviewed the services to be utterly satisfying and well-timed. WooCabs also allows customers to book outstation cabs 24/7 from their web & mobile app-based technology platforms.
Raising funds will help Indian cab aggregator to improve their web and mobile app-based technology platform & to extend their cab services within India. Consequently, this may allow Indian road transpiration company to expand its operations in more cities in central and south India. Nonetheless, for now, it is quite clear and obvious that the foremost objective of the firm is to realize its presence all over the nation.