TaxiForSure, an online aggregator of car rentals and taxis has raised $30 Mn in Series C round of funding led by Accel Partners US, with existing investors Accel India, Bessemer Venture Partners and Helion Venture Partners also participating in the round. This round comes in just few months after Bessemer Venture Partners had led the $10 Mn series B round in it.
The funds raised will be used by the company for expanding in over 30 cities by March 2015.
TaxiForSure was founded by Raghunandan, along with his IIM-Ahmedabad batchmate Aprameya Radhakrishna in 2011.
It works with over 400 taxi operators with a fleet of 7,000 cars with currently having its services in 6 cities including Bangalore, Delhi, Chennai, Hyderabad, Baroda and Ahmadabad. It will launch operations in Pune, Mumbai, Kolkata, Jaipur, Chandigarh and Indore over the next few months.
According to Raghunandan the company was profitable in Bangalore and Delhi. “The number of rides we registered doubled in less than six months, having clocked 2 million rides in August 2014 — up from a million in April this year,” he said.
In India taxi rental is a $6 Bn market, with a number of players operating in this space including Merucabs, CarzOnRent’s EasyCabs, Taxipixi etc. Apart from the domestic players Uber is yet another player which is on an expansion spree in the country and within just one year of its launch in the country has expanded to over ten cities, thus giving a tough time to these homegrown players.