Mercatus Capital invests in AxleRate to accelerate ride hailing platform for incumbent Taxi, Bus and Auto Rickshaw Operators in USD 10 billion market
- Posted by admin
- On October 22, 2015
- 0 Comments
SINGAPORE, 21st October 2015: Mercatus Capital Pte Ltd, announced today its investment in AxleRate Pte Ltd. The AxleRate All-in-1™ platform empowers licensed public transport operators fight the disruption caused by the New Gen ride hailing operators.
Commenting on the investment, Ravi Govindan, Chairman and Founder of Mercatus Capital said “I have watched and wondered how licensed public transport operators in India and South East Asia would survive the disremediation caused by the New Gen ride hailing operators like Uber, Grab Taxi and Ola Cabs. I now have the answer! AxleRate All-in-1™ developed by Varad and his team is the magic wand that will empower incumbent operators with the technology and business systems to fight the disruption.”
The AxleRate All-in-1™ multifaceted technology cum commercial solution incorporates: Passenger App; Vehicle Tracking; Distance Calculation; Customer Notification on Mobile Phone; and Voice Activated Panic Button for passenger and driver security. The cloud based solution is delivered on an in-vehicle permanently installed display device. Passenger travel experience is greatly enhanced with infotainment content and hyperlocal deals which provides additional revenue streams for the operators.
Varad Kumaravelu, Founder and CEO said “We are very pleased to tap the business acumen and investment dollars that Ravi Govindan, Chairman, Mercatus Capital brings to AxleRate. Our momentum has built up over the past 6 months. We are now experiencing explosive growth through our channel partners across South East Asia and India in this USD 10 billon market. This investment is timely as we transition from startup to growth. ”
About Mercatus Capital (www.mercatus-capital.com)
Since its inception in 2006, Mercatus Capital has grown to become Asia’s leading Angel Investor, Incubator and Business Accelerator. It provides early stage support to promising entrepreneurs with paradigm shifting technologies and business models. The unique 345Six suite ensures a comprehensive programme of funding, incubation and mentorship that grooms the top management to adopt a global outlook and prepare the companies to become major players in the global market place.
With support from SPRING Singapore the portfolio has grown to over 60 promising companies at various stages of incubation covering a diverse set of industries including Healthcare, ICT, Broadcast Media, Social Media, Education and Material Sciences.
About AxleRate (www.axlerate.com )
AxleRate is the “ghostbusters” of the passenger transport industry. AxleRate All-in-1™ is designed to be a plug ‘n play solution for incumbent taxi, bus and auto rickshaw operators to stem the tsunami sized disruption from New Generation ride hailing operators. AxleRate leverages on technology to provide outstanding service and safety experience for passengers while delivering increased revenue and profitability for the operator.
Seed Funded by the National Research Foundation of Singapore through Expara IDM Ventures in 2012, AxleRate was part of the first batch of the GenNextHub, the investment arm of Reliance Industries (India) powered by Microsoft Ventures in Mumbai. AxleRate is also part of the Microsoft India’s Smart City Conclave for the Government of Telengana.
Mercatus Capital Pte Ltd
AxleRate Pte Ltd
Singapore | BLK 71 Ayer Rajah Crescent, #03-05, Singapore 139951 | Tel: +65 6776 7819
Singapore | India | Indonesia | Vietnam | Malaysia | Philippines | China | Hong Kong