Bangalore based TaxiForSure owned by Serendipity Infolabs is raising $10 Mn in second round from Bessemer Venture Partners. Proceeds from the latest round which involved the participation of existing investors will be used to expand its footprint into other cities across India and for hiring new talent.
Last year, it had raised $4 Mn from Accel Partners, Helion Ventures and Blume Ventures.
A team of Samvad Partners consisting of Harish B Narasappa (Partner); Varsha Aithala (Associate); and Jaideep Reddy (Associate) acted as the legal counsel for the Company and for the existing investors of the Company.
Radhakrishna and Raghunandan G launched Taxiforsure in 2011 as an online platform through which consumers can rent taxis. The company has partnered with around 25 cab operators in Bangalore and around 15 in Delhi, including branded operators like Mega Cabs and Cell Cabs.
Apart from Bangalore, it has operations in Delhi and Chennai and plans to expand in 10 cities by 2015.
Bessemer Venture Partner is a global VC firm which invests in start-up, seed, late stage and growth capital transactions in companies. Some of its investments in India include Shriram EPC, Orient Green Power, IL&FS Transportation Networks and Applied Solar Technologies.
This sector has been seeing considerable amount of investments for more than a year now, further contributing to the stiff competition.
Recently, Olacbs had raised $20 Mn from Matrix Partners and existing investors Tiger Global
Savaari Car Rental Pvt Ltd had raised R5 Cr in Series A funding from Inventus Capital Partners and was among the 16 startups worldwide to receive funding from Intel Capital.
YourCabs.com had raised angel funding from Sprism Investment Pvt Ltd.ZoomCar India had received seed round of investment led by New York-based Empire Angels
The $4.2 bn strong Indian taxi service market is largely unorganized with the technology-backed cab aggregator services, holding a small 2% of the market but growing at 100% year-on-year.
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As part of the restructuring process, Hotel Leelaventure has put two of its properties in Chennai and Goa on block and has invited EoI’’s for - The Leela Goa and The Leela Palace Chennai. JM financial is managing the sale for Leela.