Taxiforsure Lands Majority Of Its Funding From Seed Investors Accel, Helion & Blume Ventures

by Paul Joseph on June 21, 2013 · 0 comments

Taxiforsure , an online taxi service provider has confirmed raising its first formal & major institutional funding post its seed funding. Accel Partners , Helion Venture Partners ( HVP ) and Blume Ventures  were the firms that participated in this round. Although the exact amount of funding has not been revealed, TaxiForSure has said that they have raised Rs.23 crore ($4 million) till now and that this funding round amounted to most of the total funding. Taxiforsure is a taxi aggregator. Launched by Aprameya Radhakrishna & Raghunandan G, both IIM-Ahmedabad graduates two years ago, the company operates on a fairly common business model of making taxis available for passengers. Companies similar to Taxiforsure include Olacabs , Savaari , EasyCabs , Taxiguide , etc.  Companies like EasyCabs & Olacabs primarily concentrate on point-to-point trips. In other words, these cabs are essentially just like the black & yellow cabs that ferry people from where they can be approached. These are usually small trips. Hence this is a large volume game with fairly low revenue per trip. On the other hand companies like Savaari, Meru Cabs etc., strive to offer outstation trips and multiple-hours packages besides also working on half-day and full-day packages. While each of the segments involves transporting people, the volume, the trip-duration & the logistics are very different. In the near past we have even seen the emergence of self-driven taxi service with high end automation. Despite operating in a fairly competitive environment, Taxiforsure is confident of its business plan. In fact, the company claims to have reached operational profitability in Bangalore & ironically is active in only one another region; Delhi. Owing to internet, smartphones & GPS capability, many taxi service aggregators have come-up. These can now effectively ensure a taxi is made available to an enquiring customer based on his location. Gone are the days, when taxi companies had to park their taxis near airports in hopes of grabbing a long-trip customer. Launched just 2 years ago, Taxiforsure claims to have accelerated at 40% on a monthly basis & has an expansion plan to enter major metros like Mumbai, Chennai, Pune, Jaipur, etc. With growing competition , do you think it will stand a fighting chance? Looking For A Social Media Agency?? – Contact WATConsult – India’s Leading Social Media Agency

[via WATBlog.com - Web, Advertising and Technology Blog in India]

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