Online taxi booking service TaxiForSure got $10 million in a Series B round of funding, led by Bessemer Venture Partners along with existing partners Accel Partners, Helion Venture Partners, and Blume Ventures. Bessemer Venture Partners has already invested in many Indian online services companies such as SnapDeal and Matrimony.
TaxiForSure is an aggregator of cab and taxi services currently catering in cities like Bangalore, Chennai, and Delhi. The company claims to serve 1,000,000+ taxi rides to date. The total investment raised by the firm has reached $14 million along with this round. The latest acquired funds will be used by the startup in expanding its operations to 10 new cities, including Hyderabad, Ahmedabad, Pune, Mumbai, Indore, Bhopal, Baroda, Surat, Jaipur, and Chandigarh. The company intends to expand to 15 locations by 2015.
Previously in June 2013, Taxiforsure has raised $4 million (about Rs 23 crore) in the first round of institutional funding from its seed investors, Accel Partners, Helion Venture Partners, and Blume Ventures. TaxiForSure also has mobile apps for iPhone and Android. The startup was founded in 2011 by its founders – Aprameya Radhakrishna and Raghunandan G both are passed out of IIM Ahmedabad and hold engineering degrees from NITK Surathkal.
Online Cab service TaxiForSure is competing with Olacabs, Uber – a Google Venture-backed mobile-based on-demand car hire service and ZoomCar, a membership-based self-drive car rental service. TaxiforSure has 1000s of cabs in each city and one can book airport taxis, city cabs, local hire/rental cabs as well as outstation cabs through its website, mobile apps (iPhone and Android), or by giving the call to 60601010. One can even book premium cabs like BMW, Mercedes, and Jaguar.