Product managers working in New York will know a thing or two about the impossibility of hailing cabs at peak times. But thanks to Fifth Avenue’s new resident, GetTaxi, that could all be about to change.
The startup was founded in Tel Aviv in 2011, but its cab hailing app is now being used by over a million people in 20 countries, including London and Moscow. And now it’s opening offices in New York. But the perspicuous product manager will be asking, what makes GetTaxi stand out from the crowd?
No nasty surprises
The startup’s app is available on Blackberry, iOS and Android devices and it hooks up with a GPS system to let users order a cab from their smartphones and track its location and ETA. But it differs from the competition by partnering with black cars(which it calls G‑cars) to create a fair pricing and payment regimen – there’ll be no surge pricing as with its competitor Uber, no nasty surprises for being stuck in traffic, just a flat fare between neighborhoods.
Having recently secured $12 million in Series C funding led by Kreos Capital, the startup has so far accumulated a total of $42 million in investment. And no product manager could fail to be impressed by its phenomenal growth rate: it’s expanding by 50 percent every quarter and is on course to hit $130 million in annual revenue by the close of 2013.
Its research shows that 20,000 New Yorkers a day fail to get a much-needed cab between 3 and 7 p.m., and that there were no fewer than 400,000 unfilled rides in June 2013 alone, partly because of the limitations of the city’s 13,000 yellow cabs. One thousand G‑Cars will be roving the streets by the year’s end, and many thousands more are in the pipeline for the next couple of years. A new ride-sharing feature will also soon be available.
No more nightmares?
GetTaxi’s U.S. CEO, Jing Herman, said, “We are incredibly excited to be launching GetTaxi in New York, and to be rolling out our launch with hundreds of G‑Cars, which have been made possible with our black car fleet partners. The first pain point we plan to solve is the afternoon shift change predicament, and we intend to become the go-to car service app for all New Yorkers.”