Bangalore-based Taxi aggregator TaxiForSure has raised an undisclosed amount of Series C investment from Accel Partners US and existing investors Bessemer Venture Partners & Helion Venture Partners, just three months after securing $10 million investment.
While the company didn’t disclose the investment size, it noted that the investment firm usually invests anywhere between $35 million to $50 million. The Times Of India however pegs this investment to be around $30 million.
The company plans to use the investment raised to expand to 30 cities in the next year. Of this, it plans to launch operations in eight cities including Mumbai, Pune, Kolkata, Jaipur, Chandigarh, Surat, Indore, and Bhopal by the end of this year. Interestingly, this is double of TaxiForSure’s earlier plans to launch in 15 cities over the next year, back in May when it had raised $10 million.
TaxiForSure is currently operational in six cities including Bangalore, Delhi, Chennai, Hyderabad and the more recently launched Ahmedabad & Baroda. It claims to have surpassed more than 2 million transactions to date. The company also mentioned that its Bangalore operations has been profitable for the past one year and its Delhi operations turned profitable recently.
Competitors: TaxiForSure primarily competes with Olacabs which raised Rs 250 crore from Steadview Capital, Sequoia Capital, Tiger Global and Matrix Partners last month and Google Ventures-backed Uber which launched in four new Indian cities yesterday It also introduced an API for third party developers yesterday.
Other players in this segment include Meru Cabs, Inventus Capital Partners-backed Savaari Car Rentals, TaxiPixi and Blume Ventures-backed BatchCar. JustDial had also introduced online cab bookings in August last year.