Delhi-based TaxiVaxi, a cab aggregating platform, has secured angel funding from individual investors. This is the second round of funding in the company. It raised seed funding in August 2015. This round will be a structured transaction and will be used to expand in more cities, strengthen technology and increase workforce.
“We are pleased to have secured a second round of funding in such a short span of time. We have grown exponentially since our launch and are one of the few start-ups in India to show a profitable status so soon. We are expanding our presence in the corporate travel segment with cashless/ paperless travel for employees for multiple travel options and we are receiving a really good response,” CEO and Co-founder, Neeraj Tayal.
Founded in December 2014 by Neeraj Tayal, Ankit Gupta and Vinod Kumar, TaxiVaxi is a cab aggregating platform used for booking radio taxi, tour taxi, self-drive cars and carpooling from multiple operators/vendors on one platform.
TaxiVaxi currently operates in 300 cities including Delhi, Mumbai, Pune, Gurgaon, Jaipur and Lucknow. The company claims to have a user base of over 15,000 and has 20 corporate clients, with aggressive plans to grow to 500 cities and achieve a user base of 10 lakh by the end of this year.
Additional features in the new app include TaxiVaxi wallet, loyalty programmes, with users getting Rs 1 worth of credit for every 5 km travelled with TaxiVaxi (across any services); and referral programmes, with users getting benefit for referrals. The company offers services through the mobile app and bookings on its website and allows users to compare fares.
The $15 billion taxi market in India is continuously growing and expects to attract more players and investors in near future. The Indian radio taxi market will grow at a CAGR of over 17 per cent by 2020. On the other hand, the bus shuttle market is expected to grow at a CAGR of 9.36 percent by 2020.
While taxis will remain the largest segment in this sector, strategies such as carpooling and shuttles will see growth in the coming year if it were to follow the American and European markets. The space is expanding rapidly, hopefully taking India to an age of efficient and inexpensive public transport.