Accel Partners Leads India-Based TaxiForSure’s Series C Funding

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TaxiForSure, the fastest growing taxi aggregator in India, today announced a significant new round of funding led by Accel Partners, one of the most prominent venture capital firms in the world. The exact amount of funding is not disclosed.​ ​

Palo Alto, California-based partner Sameer Gandhi will join the company’s board of directors. TaxiForSure is part of a select list of India-based, Accel-backed consumer brands such as Flipkart, Myntra and BookMyShow.

TaxiForSure has seen 700-percent growth since August 2013, and surpassed more than 2 million transactions to date. The company will launch in more than 25 cities in the next year on the heels of ranking as the most popular transportation app in the Indian Google Play store. In just a little more than a year since the launch of its mobile app, 45% of the company’s transactions are through online channels.

“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,” said Raghunandan G, TaxiForSure CEO. “Accel brings a strong track record of picking industry winners – we are focused on building a product that will improve the transportation ecosystem for millions of consumers.”

“TaxiForSure’s growth coincides with the development of India’s mobile Internet ecosystem, and the increasing global demand for on-demand transportation,” said Gandhi. “We have deep experience in India as the first investor in companies like Flipkart, Myntra and BookMyShow. Together with TaxiForSure, we will accelerate the company’s growth.”

Prior investors Helion Ventures and Bessemer Venture Partners also joined the round. TaxiForSure recently closed its Series B funding of $10 million in May.

TaxiForSure launched in Bangalore in June 2011 and was founded by IIM-A graduates Aprameya R and Raghunandan G. The company has doubled its transactions every three months since January 2014, making it the fastest growing taxi aggregator in India. In addition to the astronomical growth numbers, TaxiForSure has a proven business model waiting to be scaled. Bangalore has been profitable for the past one year and Delhi has turned profitable recently.

With operations in six major Indian cities (Bangalore, Delhi, Chennai, Hyderabad, Ahmedabad and Baroda), the company works with more than 5,000 drivers and more than 400 operators. The company is expanding its talent pool and is on the lookout for top-notch talent across operations, marketing, analytics, HR, product and engineering to join their team. The team includes graduates of premier schools like IIT, IIM, ISB, NIT, BITS, MIT and Wharton.

TaxiForSure would be starting operations in Mumbai, Pune, Kolkata, Jaipur, Chandigarh, Surat, Indore, and Bhopal by the end of 2014. The company is targeting to be in more than 25 cities in the next 1 year.

Taxi drivers who use the TaxiForSure application in India are making an average of 120 percent more money per month while operators are earning up to three times as much. For more information, visit www.taxiforsure.com.

About TaxiForSure

TaxiForSure.com is an aggregator of car rentals and taxis in India. The company works with various taxi operators and enables them with technology to ensure that customers get an easily accessible, safe, reliable taxi ride ‘for sure’.  TaxiForSure.com was founded by Raghunandan G and Aprameya Radhakrishna, both IIM Ahmedabad graduates, in June 2011 in Bangalore. Within a time span of 3 years the company launched its services in Chennai, Delhi and NCR region, Hyderabad and Ahmedabad. Customers can book point to point travel, local packages, outstation and airport transfer across various car types by logging on www.taxiforsure.com, calling their call centre number or by using the mobile app on android, iPhone, and Windows. Customers can also book a taxi through Twitter. For more information, visit www.taxiforsure.com and to download their mobile apps, visit www.taxiforsure.com/mobileapp/.

About Accel

Founded in 1983, Accel Partners has a long history of partnering with outstanding entrepreneurs and management teams to build world-class businesses. Accel today invests globally using dedicated teams and market-specific strategies for local geographies, with offices in Palo Alto, California, New York City, London and Bangalore. Visit www.accel.com, or connect on Twitter at @Accel.

 

 

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Mohit Bansal(23) is B.Tech in Electronics and Communication Engineering from Indian School of Mines, Dhanbad, India. He has interest in business and entrepreneurship and has published couple of research articles. He is also associated with various NGOs. He is with Techaloo when it was just in concept stage. The Techaloo site was not existing even then. Currently Mohit is working with Mu Sigma as a Business Analyst Profile.

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