The exact amount of funding is not yet disclosed. However, the US-based venture capital firm is usually known to invest anywhere between US$35M to US$50M in companies at this stage. Prior investors Helion Ventures and Bessemer Venture Partners also joined the round.
Palo Alto, California-based partner Sameer Gandhi will also join the company’s board of directors.
With operations in six major Indian cities Bangalore, Delhi, Chennai, Hyderabad, Ahmedabad and Baroda, TaxiForSure would be starting operations in Mumbai, Pune, Kolkata, Jaipur, Chandigarh, Surat, Indore, and Bhopal by the end of 2014. The company is targeting to be in more than 25 cities by the next year.
“This is a significant milestone for our company and the Indian ecosystem at large — Accel’s global reach brings invaluable experience, which allows us to leverage resources known to only a small number of India-based companies,” said Raghunandan G, CEO, TaxiForSure. “Accel brings a strong track record of picking industry winners — we are focussed on building a product that will improve the transportation ecosystem for millions of consumers,” he added.
The company recently closed its Series B funding of US$10 million in May this year.
“TaxiForSure’s growth coincides with the development of India’s mobile internet ecosystem, and the increasing global demand for on-demand transportation,” said Gandhi. “We have deep experience in India as the first investor in companies like Flipkart, Myntra and BookMyShow. Together with TaxiForSure, we will accelerate the company’s growth,” he added.
TaxiForSure was founded by IIM-A graduates Aprameya R and Raghunandan G and launched in Bangalore in June 2011. The company is expanding its talent pool and is on the lookout for top-notch talent across operations, marketing, analytics, HR, product and engineering to join the team.
Increasing internet penetration, rising disposable income and growing safety concerns have led to the growth of taxi-booking companies in India. Competition in this space is heating up with all the players including Ola Cabs, Meru Cabs and Easy Cabs adopting various initiatives to woo customers. Recently Easy Taxi launched its services in India, starting with Mumbai and two days back, Uber launched simultaneously in Ahmedabad, Chandigarh, Jaipur and Kolkata.