Company Name : Roder
Funding Amount : Rs 1.6 crore
Investor(s) Unicorn India Ventures
Funding Round : Seed round
Unicorn India Ventures, an early stage startup VC fund has announced its first investment in an inter-city on demand cab aggregator startup, Roder. The total investment pegged at Rs 1.6 crore.
The company launched in December, 2014 by 3 IIT Kharagpur alumni; Abhishek Negi, Ashish Rajput, and Siddhant Matre, is present in 13 cities. It aims to organise, bring transparency and affordibility in intercity cab booking service.
Roder aims to eliminate “the return-fare” concept from the market by optimizing resources so that the customer only pays for the distance travelled. The company focuses heavily on driver and cab verification, training of drivers to ensure customer safety and overall experience. The Roder Team uses technology to automate various processes, focuses on last-mile connectivity; making the system highly scalable.
Abhishek Negi, Co-Founder, Roder, says, “Since our inception in 2014, we have generated a GMV of over a crore by fulfilling 500 rides on a monthly basis, with an average ticket size of Rs 5,500. We are creating a new market for outstation cab services. The demand for booking one way rides via our platform has grown from 5% to 70% from our early days. We believe our team is now ready to take its services to new markets in the country.”
He further added, “We have raised this seed funding round which is led by Unicorn to foray into 20 new cities in North and Western region of the country and bring a completely hassle free travel experience for the customers there.”
The company is also working on introducing ‘ride-sharing’ feature for intercity travellers there by optimising costs of travel for consumers. Roder has enabled the drivers to earn more from the same fleet of cars as their market and reach to consumers has increased with the use of technology.