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Monday, 22 January, 2018, 16 : 00 PM [IST]

Goomo expands its product offerings by acquiring WagonBee

In a move to expand its product portfolio, Goomo, Omni-channel travel tech company has acquired WagonBee, an Indian B2B vehicle rental marketplaces. Established in 2016, WagonBee is a B2B car rental marketplace for travel agents and suppliers, enabling them to rent a vehicle of their choice from over 5,000 registered vehicles ranging from hatchbacks and sedans to luxury coaches and buses, provided by 350+ verified vendors.

Commenting on the announcement, Varun Gupta, CEO, Goomo said, “Multi-day hiring of cars or larger vehicles is often done through the phone by travel agents and corporates, who have to spend a lot of time getting price quotes from multiple suppliers, confirming cab availability, and ensuring timely pickup. The acquisition of WagonBee will help Goomo add road transportation services to its list of offerings, and further drive the brand’s promise of delivering end-to-end travel solutions to customers. Over and above this, the acquisition further reiterates our constant endeavour to build our overall tech competencies and develop the best technology-driven travel platform in the country.”

WagonBee is present in over 40 cities across India with nearly 8,000 itineraries and connections. The company allows travel agents and businesses to easily sign up on the rental marketplace through the web, app or email by providing basic personal and company information. Customers can then view competitive quotes, and avail the pricing for their trip on the platform itself which serves as a single point through which information such as details of the vehicle, driver, booking confirmation, etc., can be accessed. In addition, customers get access to a 24x7 support helpline to address their queries or seek clarifications on booking details.

“The Indian car rental market is estimated to be around 15 to 18 billion USD and is expected to grow at 17 to 20% year-on-year. However, only about 10% of this market is organized and the rest is managed by several smaller operators. WagonBee and Goomo are a perfect synergistic match given the similarities in our understanding of this fragmented market. We share a common vision of how this space can be organized better via apt solutions for our partner vendors as well as customized offerings to meet the evolving customer needs,” said Navneet Misra, Co-Founder, WagonBee.

Another Co-Founder of WagonBee, Vikash Singh added, “B2B car rental is a high frequency, big ticket and repeat transaction market. At WagonBee, we achieved 80% contribution margin with the help of technology. We needed a partner who could help us tackle the slow B2B sales cycle and found the perfect fit with Goomo. Now we can leverage their extensive network of partners and continue building what we love.”
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