Lorenzo Caffarri and Jay Patel are the young founders of ubiCabs an online cab booking service. You can locate your local cab company and book straight away online. They also have an iPhone & Android app so you can easily use the application on the go.
The company is only 6 months old having been started by Lorenzo and Jay in October 2010, straight after graduating from the London Business School.
So why should people use ubiCabs? Well Lorenzo explains "We check all the cab companies we work with and do pricing comparisons. So the user requests a cab from A to B, we find all the cabs that can do the journey, we pick the cheapest ones and send them a request. The user doesn’t need to shop around – they know they’re getting a reasonable price."
ubiCabs is also a lot safer as they are signed up with licensed cab companies so you can be sure you are not riding in an illegal taxi.
The initially idea for the business came while Lorenzo walked to uni and saw the lines of taxis just waiting at the taxi rank. He though there must be a way to match this supply with the demand and so he carried out more research into this. In fact he used as part of one of his uni projects.
The next year he felt his idea had potential and created a business plan. After finally starting the company they are taking it step by step but can still see the potential for future growth. They have international expansion in mind for the future as the taxi cab market although differing in each country all still have the same problems with efficiency and pricing.
ubiCabs makes it's money by taking a commission from every completed booking that they refer to the cab companies. The take up by cab companies has so far been positive and ubiCabs has around a thousand vehicles available to them after signing up over 25 companies.
The company is currently funded solely by the two founders but they are actively looking for angel and VC funding which they hope to close over the summer.
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