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Dial-a-rickshaw service startup Autowale in talks with investors to raise funds

Tags: auto rikshaw, cab, autowale, IIT kanpur, GSF accelerator, Rajesh Sawhney, Shell foundation, auto industry

January 15, 2015 | COMMENTS ( 0 )

Dial-a-rickshaw service startup Autowale in talks with investors to raise funds

Swadha Mishra

Pune-based on call rickshaw service startup Autowale.in is in talks with various venture capitalists for Series A investment, and are looking to raise a sum of anywhere between $5 million to $10 million (Rs 30 and Rs 60 crore). The fund raised will be used in further expanding its footprint in the city along with other metro cities.

Commenting his views on the same, Mukesh Jha, Co-founder, Autowale.in, told Entrepreneur India, "Depending on what we raise, the amount will be utilised to expand team, develop technology, create/explore new markets and provide various benefits/goodies to the drivers." The deal will be completed in the next 1-2 quarters.

A venture by Ubida Solutions Pvt. Ltd., Autowale.in vision is to develop smart and efficient commute solutions for urban India. The startup is committed to make an impact towards mobility, using location intelligence and existing vehicles on road. Autowale aims to be a pan India brand connecting millions of auto-rickshaw drivers and customers, while organising this sector worth over $10 billion.

An engineer from IIT-Kanpur, Jha has over 10 years of experience with leading telecom companies and banks in Asia Pacific region. He takes care of marketing, tie-ups, investor relations and data analytics at Autowale. He co-founded Autowale with another engineering graduate from IIT-Kanpur Janardan Prasad. Prasad has worked with Media Labs and then as an IT consultant for payment products in North America. He takes care of operations, finance, products and HR.

Rajesh Sawhney, the founder of GSF Accelerator and GSF Superangels, currently serves as the investor and member on board. GSF Accelerator is India’s first multi-city tech accelerator backed by 20 iconic digital founders and 5 leading venture funds from across the world. Sawhney is an alumnus of Harvard Business School (AMP) and has a fellowship from London School of Economics. According to his Linkedin profile, Sawhney has made over 15 investments as an active and engaged angel investor.

Other investors and partners backing Autowale includes Shell Foundation and EMBARQ India.

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