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Mergers & Acquisitions | 10 August 2015

Taxi Rental Startup MyTaxiIndia From Japan's Nihon Kotsu Travel Service Co.

by Dhruv Goda
Taxi Rental Startup MyTaxiIndia From Japan's Nihon Kotsu Travel Service Co.
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Japanese travel major Nihon Kotsu Travel Service Co., Limited has invested $0.5 Mn in a pre-Series A round in online taxi hailing service MyTaxiIndia Private Limited.

The funds will be used by the company to enhance its technology platform and bring more vehicles on board. It also plans to foray into 25 more cities by the end of the year. This is the first investment for an overseas taxi company in a domestic counterpart.

Founded in 2012 by Anshuman Mihir, Mohit Rajpal and Satyakam Rahul, the taxi rental company has raised $0.1 Mn in a seed round from Gurgaon based Green House Ventures in June this year. The startup claims to be India's largest ISO 9001:2008 Certified Car Rental Company with over 4000 taxis operating across 102 cities.

"On MyTaxiIndia, you can book taxis for local usage on an hourly basis as well as outstation rides and holidays, which may be a five to seven-day affair. In India, about 113 million people made outstation trips in 2013. Hence, this market is huge. We want to capture this market first before entering the point-to-point segment.", said Anshuman Mihir, the cofounder and CEO at MyTaxiIndia.

Nihon Kotsu Travel Service Co. Limited founded over 100 years ago, is the largest taxi limousine rental company in Tokyo. According to the company website the company holds about 3200 taxis in the Metropolitan area and provides two types of taxis such as "Black taxi" and "Yellow taxi".

It competes with the likes of Uber, Ola, TaxiForSure, Zoomcar, etc.

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