Revenues Rise for Cab Fleets as Karhoo Registers 6,000 Bookings a Day

Jun 29, 2016, 06:08 ET from Karhoo

LONDON, June 29, 2016 /PRNewswire/ --

Karhoo, the cab comparison and booking app, is exceeding industry standards following its recent UK launch, levelling the playing field for licensed drivers and accredited fleets.

     (Photo: http://photos.prnewswire.com/prnh/20160629/384696 )

As Karhoo prepares to roll out across the UK and Europe, in just seven weeks it has:

  • Attracted more than 40,000 first-time riders. Number growing 30 per cent week-on-week
  • Achieved download to first ride conversion rate more than four times industry standard
  • Achieved $500,000 weekly revenue and growing 30-50 per cent week-on-week
  • More than 50 per cent of rides coming from return customers, and growing
  • Accounted for double digit percentage of revenue for majority of London's top fleets, including 20 per cent of Swiss Cottage Cars, the capital's second largest fleet, and more than 30 per cent of the workload of many mid-sized fleets
  • Hundreds of drivers being rehired by fleets as Karhoo delivers an ETA of under three minutes in London due to depth of inventory of more than 33,000 cars

Karhoo is expanding to 14 UK cities, with 90,000 cars this summer, as well as launching in New York and Singapore and 100 global cities within a year. It will have one million cars by the end of the year.

Karhoo is vendor neutral, working only with licensed fleets to offer passengers the ability to choose a cab by proximity, price or local supplier, as well as pre-book and multi-book.

Daniel Ishag, founder and CEO, said: "London has been a phenomenal success. Fleets working with us know how much we are benefitting the industry and the figures are far ahead of anything seen before.

"We're bringing on-demand services to four or five times the geographical area of a city, more than any other single network operator."

Fleet owners agree.

Duncan Blackett, CEO of Swiss Cottage Cars, said: "Karhoo's been a shot in the arm. We're getting fares we otherwise wouldn't. We've had to open our driver recruitment centre 24/7."

Nadeem Khan, who runs Cascade Cars, said: "Before Karhoo, many of our jobs went to Uber. Now they're coming back. Karhoo is helping the industry while others are trying to take it over."

Nicholas Monteith, owner of Mornington Cars, added: "Karhoo is a lifesaver. It's allowing us to compete and we're actively recruiting more drivers."

SOURCE Karhoo