Ola's got competition: TaxiForSure, a cab aggregator service, raises Rs 60 cr

One of the most exciting sectors in India’s start-up scene is transport with ventures like redBus and Yourbus being snapped up by larger players like ibiboGroup and investors lining up to get a piece of the transport pie.

The _Times of India_today reported thatTaxiForSure, a cab aggregator service, has raised $10 million (around Rs 60 crore) from an investor consortium led by Bessemer Venture Capital. The company boasts an impressive stable of investors - Accel Partners, Helion Venture Partners and Blume Ventures.

With a presence in Delhi, Bangalore and Chennai, TaxiForSure, started by IIM-A alumni Aprameya Radhakrishna andRaghunandanG,will use the funds to expand to Tier-II and Tier-III cities, while also working on a mobile app._ToI_reports that the company registers 4,200 daily bookings and has raised $4 million in funding since its inception in 2011.

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TaxiForSure’s business model revolves around commission cuts taken from the various taxi cab operators it works with, usually between 8-15 percent per booking. The company is competing with the likes of Ola Cabs and other ventures merging technology and taxi services.

According to the_ToI,_“The $4.2 billion 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.”