TaxiForSure, a taxi aggregator, has got a sizable undisclosed fresh round of funding from a consortium led by Accel Partners, a well-known venture capital firm in the global arena.
Prior investors Helion Ventures and Bessemer Venture Partners also joined Accel in this latest round of funding. In May, TaxiForSure closed its Series B funding of $10 million. Prior to this, it had received a total of $4 million in two rounds of funding.
The U.S.-based venture capital firm is usually known to invest anywhere between $35 million and $50 million in companies at this stage.
Following the latest round of funding from Accel, Palo Alto, California-based partner Sameer Gandhi is set to join the company’s board.
A release claims that TaxiForSure has surpassed more than two million transactions to-date. The company will launch operations in more than 25 cities next year. Since the launch of its mobile app, 45 per cent of the company’s transactions are through online channels, the release adds. “This is a significant milestone for our company and the Indian ecosystem at large — Accel’s global reach brings invaluable experience, which allows us to leverage resources known to only a small number of India-based companies,” the release quoted Raghunandan G., TaxiForSure CEO, as saying.
Launched in Bangalore in June 2011, TaxiForSure was founded by IIM-A graduates Aprameya R and Raghunandan G. According to Mr. Aprameya, Bangalore has been profitable for the past one year, and Delhi has turned profitable very recently.
TaxiForSure is planning to start operations in Mumbai, Pune, Kolkata, Jaipur, Chandigarh, Surat, Indore, and Bhopal by the end of 2014.
