Delhi-based taxi service operator MyTaxiindia has raised $1 million (about Rs 6.7 crore) in bridge round of funding from existing investor Nihon Kotsu, a taxi rental company in Japan.
“MyTaxiindia will use the capital for expanding services to tier 2 and 3 cities,” a company release said, adding that a portion of the sum will also go towards technology development, marketing and branding.
Nihon Kotsu is an 88-year-old service provider that operates limousines across Japan. It has a fleet of over 4,000 black and yellow taxis in Tokyo alone.
“MyTaxiindia is currently in talks with other investors to raise USD 5-10 million in a Series A round,” Anshuman Mihir, Co-founder and CEO, MyTaxiindia, said.
Established in December 2013, MyTaxiindia offers inter-city taxi rental solutions and provides one-way fare ride to commuters for outstation trips. It recently tied up with SpiceJet to give passengers the option of booking a taxi to reach the airport at the time of ticket purchase and is looking for more such tie-ups.