Company Name : Baxi
Funding Amount : $1.5 mn
Investor(s) Ajay Trehan, Alok Mittal
Funding Round : Seed round
Baxi which is yet to launch its bike taxi service, has raised $1.5 mn in seed funding. Commercial operations of Baxis – the Bike Taxis, will start from tomorrow (1st December) in Gurgaon which is also the “Car Free Day” in the city.
Ashutosh Johri, MD of 74 BC Technologies, the company that owns Baxi, said, “We did a large seed round as we did not want to start very small and risk an early death after doing the hard work for regulatory approvals. We got 25 of our college friends and former colleagues to invest into the venture. I believe that it is good karma that people who know us so closely trusted our capabilities enough to invest in Baxi.”
Baxi aims to grow to 500 bikes in Gurgaon in the next 3 months. They also plan to expand in Haryana soon and plans to get similar permissions from 3 other states.
The company eyes to raise $25 to 30mn in the next round of funding and have a commitment of close to 50% of this amount from existing investors.
The bike taxi service is expected to disrupt the four wheeler taxi services as it will provide a viable revenue model for operators and povide the service at a nominal price.