TaxiForSure Raises $10 Million in Series B Round
TaxiForSure.com, one of the leading taxi-aggregators in India, has raised a second round of funding led by Bessemer Venture Partners, a leading global venture capital firm. Accel Partners, Helion Venture Partners and Blume Ventures who are the existing investors in TaxiForSure have also participated in the financing. The fresh capital worth $10 million comes less than a year after the company raised first round of funds and puts the total investment received at $15 million. The funds will be used by the company to expand to 20 new cities in the next 18 months.
TaxiForSure was founded by IIM-Ahmedabad graduates, Aprameya Radhakrishna and Raghunandan G, in 2011. In the three years of its institution, TaxiForSure has grown at a rate of 25-30% month-on-month and clocked One Million transactions earlier in April.
TaxiForSure has created 243 operators entrepreneurs who give them access to their fleet of nearly 4000 taxis in Bangalore, NCR and Chennai where the startup currently offers services. TaxiForSure is starting operations in Hyderabad in May 2014 and will follow it up with Ahmedabad, Pune, Mumbai, Jaipur, Chandigarh, Kolkata, Indore, Bhopal among others.
Speaking about the investment, Subramanya S.V., Managing Director, Bessemer Venture Partners India, said, “ We see a huge opportunity in the space TFS operates in and the leadership team at TaxiForSure has proved that they can capitalize on the opportunities with speed and accuracy. They have built a great team and we are confident that TaxiForSure will up the quotient in the months to come.”
Cab Aggregation Space in India is highly competitive and TaxiForSure competes with OlaCabs and Uber, a new but aggressive entrant to Indian Market.