Billionaire Businessman Ajay Piramal Invests in Cab Aggregator Utoo
A Great Deal for Utoo!
About the investment
Who doesn’t know Ajay Piramal? He is a reputed industrialist and social entrepreneur. Recently, he bought a marginal stake in Chennai-based taxi hailing startup, Utoo. The investment is made through Piramal Group’s private company, Alpex Corporate Services. Seems that, Mr. Piramal is in a mood to encourage and boost the Indian startup ecosystem. However, the stake amount remains undisclosed.
A short brief on Utoo
Founded in 2016, Utoo is in a soft launch phase. Similar to other cab aggregator services, it facilitates cab bookings through a dedicated app or over calls and text messages. Utoo is all about offering premium taxi service in Chennai. It proves to be a great comeback business for serial entrepreneur C Sivasankaran. What differentiate Utoo from other cab aggregators are its no hatchback vehicles since they are perceived as uncomfortable means of transportation and no surge pricing for passengers.
Future Plans of Utoo
The startup has plans to take over Ola and Uber soon. Also, it looks forward expand its services to 8 cities in India. Now, Siva awaits the Series A funding round for Utoo. The taxi segment is huge in India and still continues to grow. Siva expects Utoo to value $7 billion by 2020.
How far will Utoo go?
- The investment is made through Piramal Group’s private company, Alpex Corporate Services.
- What differentiate Utoo from other cab aggregators is its no hatchback vehicles since they are perceived as uncomfortable and no surge pricing for passengers.
- Siva expects Utoo to value $7 billion by 2020.
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