Unveiling the Success Stories of Online Taxi Business

Summary: A number of brands have taken over the taxi booking industry. In this blog, we have covered some top online taxi business success stories and how you can create one for your brand. Check these out to know more.

In today’s fast-paced world, everyone looks for convenience. From bustling metropolises to remote corners of the world, taxi booking apps have transformed the way people navigate their daily lives.

With the rising popularity of this business, a number of startups are looking for reliable taxi app development companies to build a robust app for their target audience.

If you, too, are planning to invest in a taxi app business, the first step is to study the market.
This blog will help you learn about the stories of some popular taxi booking apps.

Know the top online taxi business success stories and what makes these so popular.

Top Taxi App Success Stories

From Uber to Lyft, Ola, etc., know the online taxi business success stories that have revolutionized the taxi booking industry.

1. Uber

Uber has become a global leader in the taxi booking app industry. The idea for Uber began when Travis Kalanick and Garrett Camp faced problems finding a cab after attending a conference. In 2009, Garrett Camp started working on a prototype for UberCab and, in the same year, asked Travis to join as UberCab’s “chief incubator.”

The test for service began with only three cars in early 2010 in New York. Uber was officially launched in San Francisco in May 2010. The company shortened its name to Uber. The idea of booking a cab through an app was quickly loved and adapted by the audience.

Uber started receiving funds quickly to expand its services. Its first major funding was $1.3 million in 2010 by First Round Capital. In 2011, it got another funding of $11 million. The same year, it got another funding of $37 million. The next year, Uber broadened its services by launching UberX to provide less expensive hybrid cars.

Here are the numbers that prove Uber’s success in the online taxi business.

 

With its intuitive design and easy navigation, Uber has been able to attract the target audience and provide the perfect solutions to them.

2. Lyft

Lyft was founded in 2012 by Logan Green and John Zimmer. It originated from the simple idea of providing a peer-to-peer ride-sharing platform, helping individuals offer rides to others in their community. Lyft’s concept aimed at reducing traffic congestion, lowering the environmental impact of transportation, and creating a more connected society.

With its IPO in 2019, Lyft strengthened its position in the taxi booking app industry. In 2017, it quickly expanded its services to 300 cities in the USA.

Looking at its revenue, Lfyt has seen a positive rise over the years.

On the other hand, it has also seen a constant increase in the number of annual users, giving competition to Uber.

3. Ola

Ola was launched in 2010 by Bhavish Aggarwal and Ankit Bhati. It has emerged as a top online taxi business success in the Indian market. Initially a ride-hailing platform, it quickly expanded its service to various modes of transport, such as auto-rickshaws, bikes, and shuttle services.

With ups and downs in revenue, Ola saw the highest financial growth in 2023.

It has completed 55+ crore yearly rides with 250+ cities. Instead of purchasing cars, Ola founders allow local taxi drivers to attach to Ola. Ola has become synonymous with affordable and sustainable transportation solutions across India and various international taxi booking app industries.

4. Curb

The curb taxi booking app specializes in providing safe and reliable services to people across North America. Founded in 2009, it has become one of the most reliable names in this region. Formerly known as Verifone Taxi Systems, this taxi booking software focuses on providing sustainable transportation.

Curb has over 100K+ network of drivers and completes 10M+ trips each month. This taxi booking app has over 1M+ downloads and is loved by the users. As per the reports, Curb generates an annual revenue of $12.6 million.

5. Careem

Careem was founded by Mudassir Sheikha and Magnus Olsson, who both worked as management consultants at McKinsey & Company. Careem started as a website-based service for corporate car bookings in 2012. In 2015, it acquired a Saudi-based home service company, and in 2017, Careem launched its operations in Palestine.

Careem became the first ride-hailing company to launch its services in Baghdad. After acquiring the UAE-based bike-sharing startup Cyacle, it launched 192 docking stations in 2023 across Dubai.

Careem is a popular taxi booking software in the Middle East, South Asia, and North Africa. It provides a user-friendly platform to book various rides like a bike, school rides, executive, and max taxis. Its features like real-time ride tracking, secure online payments, and the ability to schedule rides makes this taxi booking app even more engaging.

With a strong focus on customer safety and convenience, Careem has become a go-to transportation solution for many people in its operational regions.

As of funding, Careem received a funding of US$1.7 million in a round led by STC Ventures in 2013. The following year, it received funding of US$10 million in a Series B round led by Al
Tayyar Travel Group and STC Ventures. The next year, it announced a Series C round investment of US$60 million. In 2019, Careem’s taxi app services were acquired by Uber for $3.1 billion.

Take a closer look at the business model of Careem with our in-depth guide.

How to Build Your Own Successful Taxi Booking App

Want to create a popular taxi booking app like Uber, Ola, and Careem? Here are the steps you must follow.

1. Market Research and Analysis

To begin with taxi app development, start with proper market research. Understand your target audience, competition, and users’ preferences. This step also includes validating the app idea through feedback and surveys to ensure that your taxi mobile app is a relevant solution for the target market.

2. Define Core Features and Functionalities

Deciding the right features and functionalities when building a taxi app is a crucial part of the process. For this, you can look at the successful taxi booking apps to check the features that engage their users. Keep the interface simple and in the beginning only add functionalities that are extremely important.

3. Develop the App

Once you have the design and features ready, you need to work on the taxi booking app development. For this, you can hire a taxi app development company that has the right experience and knowledge in this industry. For instance, at ValueAppz we work with the latest tech stack to help entrepreneurs create their taxi app.

4. Build Partnerships and Establish a Network

Once you have the app, partner with local taxi companies, drivers, and service providers for coverage, and forge relationships with regulatory authorities to ensure compliance and build trust among users. By fostering strong partnerships, you can create a robust ecosystem that benefits both your app and its users.

5. Test, Launch, and Iterate

One final step before launching the taxi booking app is testing the app. During this phase, you would know if all the functionalities are working or not. Once the app is error-free, you can launch it in the market. Further, continuous improvements are necessary to guarantee the app success.

Build a Solid Taxi Booking App With the Help of Our Experts

Want to create your online taxi business success story? Our experts at ValueAppz will help you right from the start. From validating the app idea to designing, developing, testing, launching, and continuous improvement, our team is ready to help you.

Get in touch with us, and let’s discuss your taxi booking app idea.

Key Takeaways

• Uber has become one of the leading names in the online taxi booking industry, with over $137 billion in gross bookings in 2023.
• Ola is another popular taxi booking app and has completed 55+ crore yearly rides with 250+ cities.
• In order to build a taxi booking software that aligns with your users’ needs, you must look at the success stories of brands like Uber, Ola, Lyft, etc.
• Steps to build a taxi booking app includes market research, choosing the app features, developing the app, building partnership, and testing and launching the app.

Frequently Asked Questions

Q1. What are the future trends in the online taxi industry?

Some future trends in the online taxi industry include the use of electric vehicles, autonomous driving technology, integration of AI for route optimization, and enhanced user experience.

Q2. Is the online taxi industry a good investment opportunity?

Yes, taxi apps can be profitable through several revenue streams like commission from drivers, surge pricing, subscriptions, etc.

Q3. What are the benefits of developing a taxi app?

Developing a taxi app brings various benefits like expanding customer reach, streamlining operations, and capturing valuable data insights to drive better business growth.

Q4. Do I need a special license to launch a taxi app business?

Launching a taxi booking software requires necessary licenses and permits and compliance with local regulations for transportation services.

Q5. Can I integrate additional features like ride-sharing or carpooling into my app?

Yes, you can add custom features to your taxi booking app to improve the user experience and solve their pain points.

Q6. Is the taxi business profitable?

Several taxi booking apps, such as Uber, Ola, Lyft, etc., have proved that the online taxi business can be profitable if it is run with the right solutions.

Q7. How can I make my taxi business successful?

To make your taxi business successful, focus on customer satisfaction, strategic pricing, effective marketing, and technological innovation. Also, work on providing solutions that solve the pain points of your customers.