Close on the heels of Uber’s reported launch in Bangalore, #taxiforsure, an online aggregator of cab rental services announced that it has raised $4 million from Accel Partners, Helion Venture Partners and Blume Ventures.
With this round, the company has raised a total of nearly $5 million of risk capital. Almost a year ago, Taxiforsure raised a little under $1 million from the same set of investors.
The startup will use the funds to roll out new features and expand its operation to new geographies including Mumbai, Ahmedabad, Chandigarh, Jaipur, Hyderabad and Chennai, Taxiforsure founder Aprameya Radhakrishna told NextBigWhat.
Currently, the company operates in two cities Delhi and Bangalore and offers point to point transfer, airport transfer, outstation and local hire. Importantly it also allows users to hire high end luxury cars or SUVs like Hummer, Limousine and Jaguar with others.
Started in 2011 by IIM Ahmedabad graduates Raghunandan G and Aprameya Radhakrishna – Taxiforsure claims to be operationally profitable in Bangalore. Speaking to NextBigWhat Aprameya Radhakrishna, co-founder Taxiforsure said “We have close to 1900 cabs under our management across two cities. On daily basis we see around 2,000 bookings with 70% volume from Bangalore and rest from Delhi.” Users can also book cabs via company’s Android (link) and iOS (link) applications.
Online cab market in India
Over the past two years and so, the cab rental space has seen debut of players like #olacabs, TaxiForSure and TaxiGuide amongst others. Bangalore based Cabs24x7 is one of newest to enter the space. We recently reported that US based cab hire company Uber is launching in India soon.
The space has witnessed significant interest from venture capitalists. Investors have been courting some serious business opportunity in the largely unorganised $6-billion domestic cab market, growing at 25-30% year on year.
Mumbai based Olacabs raised Series A funding of more than $3 million from Tiger Global last year. Sharedcab raised angel investment under a million dollars from prominent investors such as Anupam Mittal, Sasha Mirchandani (Kae Capital), Blume Ventures and few others.