TaxiForSure, a technology led taxi aggregator in India, is in talks to raise over USD 100 million in its series D round from foreign PE investors and hedge funds with participation from existing investors including Accel Partners and Bessemer Venture Partners. This round is expected to be closed in a few weeks. In August 2014, the firm had closed an undisclosed amount in series C round.
As per a VCcircle report, the company will use the raised funds to expand its operations to 100 cities by June 2015. Currently, it operates in 37 cities including Bengaluru, Chennai, Delhi, Hyderabad, Ahmedabad and Baroda.
Operating since June 2011, as a venture of IIM Ahmedabad alumnus Aprameya Radhakrishna and Raghunandan G, the company offers a wide range of car types, price points and help users rate the service (operator and driver) which is used as feedback for future bookings. The firm claims to do 35,000-40,000 transactions per day.
TaxiForSure’s rival Indian cab service aggregator, Ola had raised USD 210 million from Japan’s Softbank Corp in October 2014. After raising USD 1.2 billion series E funding last year at USD 40 billion valuation, now US based on-demand car service, Uber has also announced that it is reportedly set to raise USD 600 million from Baidu to fuel its growth in China and APAC nations. However while regulations are still keeping Uber at bay in India, even post funding TaxiForSure will be competing head on with Ola and the Radio Taxis in the nation.
Image Source: TaxiForSource