UberX - the low cost Uber is here. Special offer for our readers inside

Uber, the mobile app based transportation service that launched in Bangalore in August last year, has launched its cheaper version UberX."UberX is UberBLACK’s little brother. He’s a little less buttoned-up but just as fast and super affordable. He’s the rebel who wears sneakers with a suit. uberX is, quite simply put, a cheaper version of the Uber you’ve come to know and love," says a post on the Uber Bangalore's blog.

The UberX tariff is as shown below:

Base Fare: Rs 50.00 + Rs 1 per minute + Rs 15 per km

The minimum fare for an UberX ride is Rs 125. 

This is significantly lower compared to the UberBLACK tariff:

Base Fare: Rs 80.00 + Rs 2 per minute + Rs 18 per km

The minimum fare for an UberX ride is Rs 200.

Apart from Bangalore, the UberX service has also been launched in Delhi and Hyderabad.

The Indian cab market has seen a lot of traction, with over INR 600 crores being raised by the leading players in the sector. While this has been a very competitive market, the organized sector forms a small percentage of the overall market. It is estimated that the radio taxi market in India is $6-9 billion dollars growing at 17-20% and the number of taxis in the organized sector will reach 30,000 by 2017.

With the introduction of UberX, Uber is now in direct competition with established radio taxi players like OlaCabs, TaxiForSure, Meru and others.

Read: Compared: OlaCabs vs TaxiForSure vs Uber

Uber has been in news consistently as it expands to new cities at a rapid pace. From its founding in 2009, the service has been launched in over 140 cities today. India happens to be the second biggest market for Uber after US with the service available in six Indian cities. And the company realizes the potential of the service in India.

"India is one of the most exciting markets for us and the potential is huge," Allen Penn, head of Asia Operations at Uber told YourStory.

Uber, backed by Google Ventures, recently raised a massive funding round of $1.2 billion valuing the company at over $18 billion.

To get an INR 500 off your first ride, use code YSLAUNCHX while booking the service.