Raghunandan G, founder of TaxiForSure, along with a consortium of other investors also participated in the funding round, the company said in a release.
The company will use the funds to further scale its network across Bengaluru, invest in a robust delivery model through innovations in technology and develop a pan-India presence by expanding to all major cities by 2020, it added.
Meanwhile, the company today said it has changed its brand name to Bounce.
"We are looking at a market opportunity of USD 4.5 billion and with the support of Sequoia India and Accel Partners, we can bring these innovations and solutions to people on a much larger scale," he added.
Shailesh Lakhani, managing director, Sequoia Capital India Advisors, and Anand Daniel, partner, Accel Partner, will join the company's board, according to the release.
Lakhani said Bounce has the potential to be a category creator - being the first to offer an cost-effective, personalised, motorised transport that fills a critical need gap in the Indian market.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)