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2015-01-16

Cab aggregator TaxiForSure in talks to raise over $100 million from investors

TaxiForSure offers local point-to-point pick-up and drop, airport transfer, local packages and outstation packages.

Online cab and taxi booking aggregator TaxiForSure.com is in advanced talks with foreign PE investors and hedge funds to raise more than $100 million in its Series D round of funding, according to a VCCircle report, citing a top executive's statement.

Existing investors, including Accel Partners and Bessemer Venture Partners, are also likely to participate in the round.

TaxiForSure, which currently operates in 37 cities including Bangalore, Chennai, Delhi, Hyderabad, Ahmedabad and Baroda, will use the funds to expand its operations to 100 cities by June 2015. "This round should be closed in a few weeks. A portion of the funds will also go towards technology enhancement," Aprameya Radhakrishna, co-founder, TaxiForSure told VCCircle.

The company was founded in June 2011 by Raghunandan G and Radhakrishna -- both engineering graduates from National Institute of Technology Karnataka (Surathkal). The duo also holds management degrees from IIM Ahmedabad.

TaxiForSure offers local point-to-point pick-up and drop, airport transfer, local packages and outstation packages. Besides regular rentals, it also provides luxury cars like Rolls Royce Phantom, Hummer, Limousine, Jaguar, Audi A6, BMW 7 Series and Mercedes S class. The company claims it does 35,000-40,000 transactions per day.

A few months ago, Olacabs -- one of its closest competitors -- had raised $210 million in Series D round of funding led by SoftBank Corp, with participation from existing investors Tiger Global and Matrix Partners India, besides Steadview Capital. Google Ventures-backed Uber is another leading player in this space.

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