TaxiForSure Wants to Launch in 20 New Cities in 18 Months; Confirms $10 mn Series B Funding
We’ve just got confirmation from TaxiForSure that the company has raised $10 mn in a series B round of funding led by Bessemer Venture Partners.
Existing investors Accel Partners, Helion Venture Partners and Blume Ventures have also participated in the round. The company, which has now raised a total of $15 mn from investors, will use the money to expand to 20 new cities in the next 18 months.
Raghunandan G, Co-founder and CEO of TaxiForSure, said
Having turned profitable in Bangalore where we first started operations, and taken our services to Chennai and NCR, we feel the time is right to gun for the next phase of expansion.
TaxiForSure was founded by Aprameya Radhakrishna and Raghunandan G, two IIM-Ahmedabad graduates. The 3 year old company clocked 1 mn transactions in April 2014. In June 2013, the Taxiforsure raised $4 mn in Series A funding. In 2012, Taxiforsure raised a little under $1 million from the same set of investors.
Currently, the company works with 243 taxi operators who have a combined fleet of 4000 taxis in Bangalore, NCR and Chennai.
“We are starting operations in Hyderabad in May 2014 and will follow it up with Ahmedabad, Pune, Mumbai, Jaipur, Chandigarh, Kolkata, Indore, Bhopal among others,” Raghunandan added. In November, Olacabs which competes with Taxiforsure, raised $20 mn.