Speaking about the development, Raghunandan G, Co-founder and CEO of TaxiForSure, said, “We are excited to partner with Bessemer Venture Partners who is known to back companies characterized by high growth. Having turned profitable in Bangalore where we first started operations, and taken our services to Chennai and NCR, we feel the time is right to gun for the next phase of expansion. We believe Bessemer along with Accel, Helion and Blume, our existing investors will help propel us to the frontline of the taxi-aggregation space in India.”
TaxiForSure was founded by IIM-Ahmedabad graduates, Aprameya Radhakrishna and Raghunandan G, in 2011. In the three years of its institution, TaxiForSure has grown at a rate of 25-30% month-on-month and clocked One Million transactions earlier in April.
Speaking about the investment, Subramanya S.V., Managing Director, Bessemer Venture Partners India, said, “We are pleased to partner with TaxiForSure who show early signs of emerging as category leaders in the taxi-aggregation space in India. The company has proved their business model in a very short time and is ripe for scale. We see a huge opportunity in the space TFS operates in and the leadership team at TaxiForSure has proved that they can capitalize on the opportunities with speed and accuracy. They have built a great team and we are confident that TaxiForSure will up the quotient in the months to come.”
The TFS story can be compared to the growth story of the cab-aggregation space in India that has emerged as a hot sector for investment in the recent months. Taxi-aggregators such as TaxiForSure operate in the highly unorganized taxi sector in the country and make use of technology and analytics to give customers a reliable commuting option that is easily accessible and cost-friendly.’
“We have created 243 operators entrepreneurs who give us access to their fleet of nearly 4000 taxis in Bangalore, NCR and Chennai where we currently offer our services. Being an asset light-model, we feel we are at the right place to expand to other Indian cities. We are starting operations in Hyderabad in May 2014 and will follow it up with Ahmedabad, Pune, Mumbai, Jaipur, Chandigarh, Kolkata, Indore, Bhopal among others,” Raghunandan added.
