VCs back Indian taxi firm BookMyCab

Based in Mumbai, BookMyCab is an online and telephone cab booking service run by LiveMinds Solutions. It operates vehicles with and without air conditioning and claims to have received an operating license from the Maharashtra government.

"Great team, world-class technology partner, licensed by state government and a scalable business model attracted us to partner YourNest in sharing the vision of BookMyCab.com," Anil Joshi, president at Mumbai Angels, told Techcircle.in.

Raviraj Jain, founding director of BookMyCab, added that plans for the company include launching location-based iPhone and Android apps and social media modules to allow commuters to book taxis via Facebook.

Sunil Goyal, CEO and fund manager of YourNest Angel Fund, will be joining the board of the company, which currently has more than 1,900 registered vehicles.

BookMyCab is one of several Indian companies offering taxi-related services to have attracted investment from venture capital firms of late. In May, Accel Partners, Helion Venture Partners and seed investor Blume Ventures backed a Series A round for Serendipity Infolabs, which runs online taxi booking site Taxiforsure.com.

In the same month, Anand Prasanna, an angel investor and investment director at Squadron Capital, injected INR2.5 million in car rental booking portal Taxiguide.in, while in April, Inventus Capital Partners made a sub $1 million investment in online chauffeur rental service Savaari Car Rental.

In April 2012, Ola Cabs raised INR10 million ($180,000) from Tiger Global.

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• Topics
• South Asia
• Early-stage
• Consumer
• Consumer
• India
• Venture