Bessemer leads Series B round for India’s TaxiForSure
Bessemer Venture Partners has led a $10 million Series B round of funding for Indian car rental and taxi booking site TaxiForSure.com.
Existing backers Accel Partners, Helion Venture Partners and Blume Ventures also participated. The company, which was set up in 2011, has now raised $15 million from VC investors. The Series A round took place in May 2012.
The capital will be used to take TaxiForSure into 20 new cities over the next 18 months, starting with Hyderabad this month, and then the likes of Ahmedabad, Pune, Mumbai, Jaipur and Kolkata. The company claims to have been profitable since it first started operations in Bangalore. From there it entered Chennai and the Delhi National Capital Region.
The founders, engineering graduates Raghunandan G. and Aprameya Radhakrishna, claim they came up with the idea for an aggregation service after becoming frustrated at having to call up multiple operators every time they wanted to book a taxi.
TaxiForSure now has a network of 243 operators that between them run a fleet of nearly 4,000 taxis. It passed the one million bookings landmark in April.
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