Accel leads new round for India's TaxiForSure

The size the transaction was not disclosed but media reports put it at around $30 million. The company raised a $10 million Series B round in May led by Bessemer Venture Partners and existing investors Accel, Helion Venture Partners and Blume Ventures. The Series A round took place in May 2012.

The company was set up in 2011 by engineering graduates Raghunandan G. and Aprameya Radhakrishna. The pair claim to have come up with the idea for an aggregation service after growing frustrated at having to call up multiple operators every time they wanted to book a taxi.

The company now has a network of more than 400 operators that run a fleet of nearly 4,000 taxis between them.

The new capital will be used to support the company's plans to expand to 30 cities by March next year. Sameer Ghandi, a partner with Accel, will join the company's board.

The investment comes one month after TaxiForSure's domestic rival Olacabs raised a INR2.5 billion of Series C funding from Sequoia Capital, Hong Kong-based hedge fund Steadview Capital and existing investors Matrix Partners India and Tiger Global Management.

Other players competing in India's online tax-booking space include global operator Uber Technologies - which launched in the country last year - and Meru, a taxi service set up by India Value Fund Advisors. Unlike these two, TaxiForSure and Olacabs do not run their own fleets and instead take the asset-light approach of aggregating independent taxi operators.

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• Topics
• Early-stage
• South Asia
• Technology
• Consumer
• Venture
• Accel Partners
• India
• Technology
• TMT
• Consumer