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MyTaxiIndia Raises $1 Mn Bridge Funding From Nihon Kotsu

MyTaxiIndia Raises $1 Mn Bridge Funding From Nihon Kotsu

MyTaxiIndia, inter-city cab rental platform has raised $1 Mn (INR 6.65 Cr) in a bridge round of funding from existing investor Nihon Kotsu, taxi rental company in Japan.

Launched in 2012, by  Anshuman Mihir,  Mohit Rajpal and Rahul Satyakam, MyTaxiIndia offers intra and inter-city travel for personal and business requirements. It includes transportation for corporate travellers and travel agents. With a fleet size of over 12,000 taxis running across 102 cities, it facilitates bookings of tempo travellers and buses as well.

Ichiro Kawanabe, Chairman of Nihon Kotsu said, “We pursue the similar business model, which provides an IT platform that connects customers and duly licensed taxi companies of the local area, but not illegal taxi service provides or unlicensed taxi drivers. As companies that share common values and business model, we believe we can exploit  good synergy across the border.”

The Delhi-based startup will use the raised funds for expanding its services in Tier-II and Tier-III cities. It will also be used for technology development, marketing and branding. It plans to increase its presence to 200 cities by the end of this fiscal year.

Recently, SpiceJet joined hands with MyTaxiIndia to book taxis to reach the airport at the time of ticket purchase. This would help in attracting more passengers from Tier II and Tier III cities.

They claim to be in talks with investors to raise $5-10 Mn in a Series A round of funding.

Last year in August, the firm raised $500K in its pre-Series A round of funding from existing investor Nihon Kotsu. Prior to this, in June 2015, it received seed funding worth $100K from Green House Ventures Accelerator and was part of the latter’s 12-month acceleration programme.