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TaxiForSure set to raise over $100M in Series D funding round

Online taxi-hailing service TaxiForSure is reportedly in advanced talks with foreign PE investors and hedge funds to raise more than $100 million in its Series D round of funding, reports VCCircle, citing a top executive of the firm.

Online taxi-hailing service TaxiForSure is reportedly in advanced talks with foreign PE investors and hedge funds to raise more than $100 million in its Series D round of funding, reports VCCircle, citing a top executive of the firm.

According to the report, existing investors, including Accel Partners and Bessemer Venture Partners, are also likely to participate in the round. The company will use the funds to expand its operations to 100 cities by June 2015.

“This round should be closed in a few weeks,” Aprameya Radhakrishna, Co-Founder of TaxiForSure told VCCircle. “A portion of the funds will also go towards technology enhancement.”

TaxiForSure acts as an aggregator of car/cab rentals and its offerings include local point-to-point pick-up and drop, airport transfer, local packages (for four or eight hours) 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 was founded in June 2011 by Raghunandan G and Radhakrishna. And currently operates in 37 cities including Bangalore, Chennai, Delhi, Hyderabad, Ahmedabad and Baroda. The company claims it does 35,000-40,000 transactions per day.

In August last year, TaxiForSure had raised an undisclosed amount in its Series C round of funding led by Accel Partners (the US), with participation from Bessemer and Accel. As per the news reports then, the company had received $30 million from this round.

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