BookMyCab raises undisclosed amount in Series A funding

BookMyCab raises undisclosed amount in Series A fundingBookMyCab has raised an undisclosed amount in funding in Series A round led by Contrarian Vridhhi Fund-I. Existing investors Mumbai Angels and YourNest Angel Fund also participated in this round of funding.

The funding will be used to expand its operations in the northern and southern parts of the country.

BookMyCab was founded in 2012 and is the only service provider to book government licensed regular meter taxis in Mumbai. The local taxi services are offered at regular fare structure as approved by transport authority. It is currently operational in Mumbai, Kolkata, Delhi and NCR, Hyderabad, Pune, Bangalore, and Chennai.

“Most of the operators operate in the gray area present in the existing regulatory regime, but we clearly believe the current turmoil doesn’t change the robustness of the business,” said Somak Ghosh, managing partner, Contrarian Vridhhi Fund-I.

“The difference between us and the rest is that we had the necessary licences required to operate before raising any funding,” said Avinash Gupta, co-founder and chief executive of BookMyCab.