Accel Partners Will Fund TaxiForSure

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TaxiForSure, an Indian taxi operator has announced that the will get a new round of funding from Accel Partners, one of the biggest venture capital firms in the world. The exact amount that they will be funded by is not disclosed. They recently closed their Series B funding of USD 10 million in May.

TaxiForSure is part of a selected list of Indian-based and Accel-backed consumer brands such as Flipkart, Myntra and BookMyShow.

TaxiForSure has had a growth of 700 percent since August 2013. They have also had more than 2 million transactions till date.

Also Read: Indian Taxi Companies Imitate Uber

The company is all set to debut next year in 25 cities as well as the most popular mobile phone app for transportation in the app store. Since the launch of their app a little over a year ago, 45 percent of their transactions are done online.

TaxiForSure was launched in Bangalore in June 2011 by two IIM graduates. The company, since January 2014 has been doubling its transactions every three months.

For the company, Bangalore has been profitable since the launch and in recent times Delhi is also turning out the same.

TaxiForSure presently operate in six major cities, namely Bangalore, Delhi, Chennai, Hyderabad, Ahmedabad and Baroda. The company already works with more than 5,000 taxi drivers and 400 operators.

The Team has graduates from IIT, IIM, ISB, NIT, BITS, MIT and Wharton working for them.

The company would be starting operations in a few cities like Mumbai, Pune, Kolkata, Jaipur, Chandigarh, Surat, Indore, and Bhopal by the end this year and are looking to expand into 25 cities in one year's time.


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Story first published: Friday, August 22, 2014, 14:00 [IST]
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