InstaCar Receives an Undisclosed Sum of Funds from Techstars’ Founder
Indian outstation ride-hailing firm, InstaCar has amassed an undisclosed sum in the funding. David Cohen, the co-founder of Techstars, has infused money in the funding round of InstaCar, reported Inc42.
After the initiation in 2016, InstaCar had obtained $1 million from Hong Kong-headquartered firm, Swastika Co Ltd in the seed funding round. During that time, the firm had also asserted to have added 500 cabs in Madhya Pradesh, India after two months of its incorporation, reported the cited media agency.
In the present year, the outstation cab aggregator is one of the ten firms that was shortlisted in Techstars’ second accelerator programme, which was held in Bengaluru. Techstars is founded by Brad Field, David Cohen, Jared Polis, and David Brown. The platform is considered to be one of the largest accelerator programmes in the world; it was introduced in 2006.
Besides InstaCar, Cohen has infused money in other companies--Pearachute, a kid-class firm, Built-In, tech news startup firm, The Cotery, an e-commerce firm, and DailyWorth, a financial media firm, to name a few.
Market Expertise
InstaCar was established by Priyanshi Chaubey and Ishan Vyas in 2016. The startup permits users to use taxi services for intercity journeys. It claims to concentrate on user reliability, security, and quality of automobiles as well as service. It has formed an execution book for rendering service with a 100 per cent compliance with security and reliability norms.
Furthermore, the company renders school pick up and drop facilities for the children among other services. It claims to have over 30,000 active users on its platform.
The company follows a unique approach by coaching and educating drivers to enhance the passenger experience. It adopts a rigorous onboarding process for car drivers by reflecting on their language and overall personality.
Other Competitors in the Industry
Besides InstaCar, there are other firms in the industry competing with the former company. Savaari.com, InstaCab, and AHA Taxis are some of the companies. In December last year, AHA Taxis was bought by EbixCash, software, and e-commerce service provider, for an undisclosed sum.
One of the prominent ride-hailing companies in the industry is Ola, which has toughened the game after its arrival. The cab aggregator introduced its outstation cab aggregator subsidiary, Ola Outstation in 2016. In August this year, the firm proclaimed that it has made its presence in more than ten thousand places throughout India, recording for over 1.1 crore miles close to Independence Day.
