Indian Economy News

TaxiForSure to raise $80 mn for expansion

Mumbai: TaxiForSure, the Bangalore-based cab aggregator, is in talks with private equity firms to raise $60-80 million (Rs 370-500 crore). The company is looking to scale up its operations to 100 cities by the middle of this year, from the current 47.

“From a three-city presence, we have added 44 cities in the last one year,” Aprameya R, co-founder & director, TaxiForSure, told HT. “We have hired our senior management and all our CXOs are in place now. We are looking to further expand the taxi business itself to 100 cities and take the Nano and the auto rickshaw business to other major cities.”

The company had introduced Tata Motors’ small car Nano as part of its fleet in Bangalore in December last year. Recently, it also started an auto rickshaw aggregation service in Bangalore, where one can book an auto on the lines of booking a taxi or a radio cab.

The company raised $30 million in August last year, led by US’ venture capital fund Accel Partners. Earlier, it had raised $10 million April. Apart from Accel, Bessemer Venture Partners and Helion Venture Partners are among its other investors.

“We are growing aggressively,” Aprameya said. “We have raised certain amount of funds so far and will need much more than that. We are definitely in talks with various people…we are looking to raise $60-80 million.”

He, however, denied reports that rival Ola plans to acquire TaxiForSure. “The report is speculative,” he said. Aprameya said the company had only initiated talks with rival taxi aggregators with regards to government regulations and how to move forward.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.