Taxi service bookmycab.com plans to raise Rs 40 crore

Mumbai: Radio taxi booking service operator bookmycab.com is in talks with venture capital funds to raise up to Rs 40 crore for funding business expansion, the company said today.

Liveminds Solutions, which runs the company, is scouting for raising the capital through equity-linked instruments, its Chief Executive Avinash Gupta said in a statement.

“The sector is growing at a healthy rate, and given our positioning in the market, we felt it was the right time to go for a new round of funding,” Gupta said.

[caption id=“attachment_77128” align=“alignleft” width=“380”]  Screengrab taken from website.[/caption]

The company is in talks with some venture capital firms for the same and the infusion is likely to happen by April, the statement said.

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Liveminds Solutions is backed by Mumbai Angels and Your-Nest Angel Fund, from whom it received a seed funding of Rs 5 crore in July 2012. The two hold between 25-30 percentin the company and will be participating in the latest round as well.

The proceeds will be used to expand operations beyond Mumbai, the statement said, adding the company currently operates 3,500 taxis in the megalopolis.

This number will grow to 5,000 by end of the current calendar year and service will be offered in other metros as well as tier-2 cities also, the statement said.

PTI