Sunday, March 3

Inter-city Cab Rental Platform MyTaxiIndia Raises Funding

Inter-city cab rental platform MyTaxiIndia has raised an undisclosed amount from ZGC Global, a Dubai-based investor to expand its operations.

MyTaxiIndia, which claims to be present in 200 cities, is looking at rolling out its offerings in the North-East as well as tier I and II cities in states like Bihar, Uttar Pradesh, Madhya Pradesh and Chhattisgarh.

However, no financial details of the investment were divulged. The company plans to raise its next round of funding of about USD 5 million in the next four months.

Stating that the Dubai-based company will also participate in the Series A round, MyTaxiIndia Co-Founder Anshuman Mihir said: “We are discussing the valuation with several venture capital firms… We would be raising up to USD 5 million”.

In July 2016, MyTaxiIndia had raised USD 1 million in bridge funding from existing investor Nihon Kotsu Co, a taxi rental company in Japan. The firm was also part of Green House Ventures 12-month accelerator programme in June 2015, where it received seed funding of USD 100,000.