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Cab aggregator TaxiVaxi gets second round of angel funding
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Cab aggregation startup TaxiVaxi has raised $500,000 (around Rs 3.4 crore) in its second round of angel funding from a clutch of high net-worth individuals (HNIs).
The startup, run by BAI Infosolutions Pvt. Ltd, had raised the first round of funding in August last year from HNIs.
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The new funds will be utilised for expansion of services, increasing workforce and technology development, a statement from TaxiVaxi said.
TaxiVaxi aggregates radio cabs, outstation cabs, self-drive cars/ bikes and car pooling on one single application. It was founded last year by Neeraj Tayal, Ankit Gupta and Vinod Kumar. Tayal is a CFA who has earlier worked with Tata Ltd, while Gupta has previously worked with Idea Cellular, HCL Infosystems, and Tata Teleservices. Kumar has earlier founded a software company called Novus Logic.
"We are expanding our presence in the corporate travel segment with cashless/ paperless travel for employees for multiple travel options," said Tayal.
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The company is present in 300 cities across at present, and a user base of 15,000.
"We have grown exponentially since our launch and are one of the few start-ups in India to show a profitable status in this short span of time," added Tayal.
The cab aggregation space in India is dominated by Uber and Ola. In December last year, Uber Technologies Inc. raised $2.1 billion in a new round of funding that takes its valuation to $64.6 billion. In November 2015, Ola Cabs completed its Series F funding round by raising $500 million from Scottish investment firm Baillie Gifford and China's Didi Kuaidi, besides some existing investors.
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Most recently, Cab pooling app Derbii, run by Winwincab Rides Pvt. Ltd, has raised an undisclosed amount of seed funding from Accenture managing director Anurag Chauhan.
Prior to that, Delhi-based cab search, comparison and booking platform Cabsguru, owned by Nohup Technologies Pvt Ltd, raised $200,000 (Rs1.3 crore) seed funding from a group of investors led by Prashanth Ranganathan, founder and CEO of Paysense Services India Pvt. Ltd and former head of product - APAC for PayPal.
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