Taxi aggregator TaxiForSure has raised $10 million in a round led by Bessemer Venture Partners. Existing investors Accel Partners, Helion Venture Partners and Blume Ventures also participated in the round.
The company has access to a fleet of nearly 4,000 taxis in Bangalore, NCR and Chennai as of now. It is starting operations in Hyderabad this month and will use the funds to expand operations to 20 new cities in the next 18 months.
Founded by IIM-Ahmedabad graduates, Aprameya Radhakrishna and Raghunandan G, in 2011, TaxiForSure has grown at a rate of 25-30% month-on-month over the past three years. It clocked one million transactions earlier in April this year.
With this investment, the company has raised $15 million to date. it had raised an undisclosed amount last year from Accel Partners, Helion Venture Partners and Blume Ventures. It had also raised an undisclosed amount of funding from the same investors in May 2012. In that case however, Anand Daniel of Accel and Ritesh Banglani of Helion had joined the board of the company.
TaxiForSure competes against, Ola Cabs, that raised $20 million last year from Tiger Global Management and Matrix Partners. Ola also launched Ola Mini that charges auto fare in many cities earlier this year.Then there is Easy Cabs, which acquired the online car rental service aggregator, QCABS for an undisclosed amount.
It also competes against Uber, which started operations in India in August last year. Other players in the segment include Meru Cabs, Saavari Car Rentals (raised Rs 5 Crore from Inventus Capital Partners), BatchCar (previously known as Sharedcab.com and raised Rs 5 crore from Blume Ventures and other angels), YourCabs.com (raised angel funding from Sprism Investment Pvt Ltd), Taxiguide (raised Rs 25 lakh in angel funding from Anand R P), and Getmecab.com among others. Last week, JustDial had also launched online cab bookings.