Online aggregator of car rentals and taxis Taxiforsure.com today said it has received fresh funding worth USD 10 million from new investor Bessemer Venture Partners and existing VCs Accel Partners, Helion Venture Partners and Blume Ventures.
The new capital comes less than a year after the company raised first round of funds and puts the total investment received at USD 15 million, the company said, adding the funds will be used to expand to 20 new cities over the next 18 months.
The company will be entering in Hyderabad this month and will follow it up with Ahmedabad, Pune, Mumbai, Jaipur, Chandigarh, Kolkata, Indore, Bhopal among others," co-founder and chief executive Raghunandan G said.
"Having turned profitable in Bangalore where we first started operations, and taken our services to Chennai and Delhi-NCR, we feel the time is right to gun for the next phase of expansion. We believe Bessemer along with Accel, Helion and Blume, our investors will help propel us to the frontline of the taxi-aggregation space," he added.
Taxiforsure was founded by IIM-Ahmedabad graduates Aprameya Radhakrishna and Raghunandan G, in 2011. Since then it has grown at 25-30 per cent month-on-month and clocked 1 million transactions in April.
Bessemer managing director Subramanya SV said, "TaxiForSure has proved their business model in a very short time and is ripe for scale. We see a huge opportunity in the space. Its leadership has proved that they can capitalise on the opportunities with speed and accuracy."
"We have created 243 operators entrepreneurs who give us access to their fleet of nearly 4000 taxis in Bangalore, NCR and Chennai where we currently offer our services. Being an asset light-model, we feel we are at the right place to expand to other Indian cities.
Taxiforsure works with various taxi operators and enables them with technology to ensure that customers get an easily accessible, safe, reliable taxi ride 'for sure'.