TaxiForSure raised series C from Accel Partners, others

Online taxi aggregator plans to expand 25 new cities in next one year

Just four months after raising $10 million (around Rs 60.7 crore) in series B funding, online taxi aggregator TaxiForSure has raised an undisclosed amount in series C funding. This round was led by an existing investor Accel Partners, and also saw investments from Helion Ventures and Bessemer Venture Partners.

While the exact investment in this round was not disclosed, Accel Partners is usually known for investing $35 million-$50 million in companies of the similar size as TaxiForSure. In India, Accel Partners holds investments in some marque companies like Flipkart, Myntra and BookMyShow.

Additionally, Sameer Gandhi, a California-based partner of Accel Partners has joined the board of TaxiForSure.

"TaxiForSure has seen 700 per cent growth since August 2013, and surpassed more than 2 million transactions to date," the company said in a release. "In just a little more than a year since the launch of its mobile app, 45 per cent of the company's transactions are through online channels."

TaxiForSure plans to launch in over 25 cities in the next year, as against six cities where it currently has presence, it said. Among others, the company is looking to launch operations in Mumbai, Pune, Kolkata, Jaipur, Chandigarh, Surat, Indore and Bhopal, be the end of 2014.

Launched in June 2011 in Bangalore, TaxiForSure was founded by Indian Institute of Management, Ahmedabad (IIM-A) graduates--Aprameya R and Raghunandan G. While the company's business in Bangalore has been profitable for the past one year, business in Delhi has turned profitable recently.