Individual investors have invested in TaxiVaxi, a Delhi-based firm that allows clients to book taxis through its app, via the firm’s second angel funding round. The funds will be utilized for city expansion, technology development and additional personnel.
“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,” says CEO and Co-founder, Neeraj Tayal.
TaxiVaxi was founded by Vinod Kumar, Ankit Gupta and Neeraj Tayal in December 2014. It is a platform designed to facilitate carpooling from several vendors/operators, in addition to booking taxi tours, radio taxi and self-drive cars. The firm currently runs in 300 cities, such as Lucknow, Gurgaon, Delhi, Jaipur, Pune and Mumbai. TaxiVaxi comprises 20 corporate clients and more than 15,000 clients in its user base. Before the year ends, the firm aims to have a user base of 1M and hopes to reach 500 cities.
The app’s additional features include referral and loyalty programmes, as well as a TaxiVaxi wallet. TaxiVaxi uses a mobile app to provide its services, and enables its clients to compare prices.
India’s taxi market is growing continuously, and is looking forward to securing more investors and players. By 2020, the market for radio taxi services in India is expected to increase by more than 17% while the bus market is forecasted to flourish at a compound annual growth rate (CAGR) of 9.36%.
Even though the taxi market will continue to be the largest in the transportation sector, it’s possible that shuttles and carpooling will also grow next year provided that it will adhere to the ways of the European and American markets. With all these innovations, public transportation in India will surely develop even further, making it efficient while, at the same time, inexpensive.