BAI Infosolutions , which owns and operates online cab aggregation platform TaxiVaxi , has raised its second round of seed funding , led by a clutch of high net worth individuals.
The New Delhi-based startup has raised $500,000 (about Rs 3.3 crore) in the latest round, and will use the proceeds to expand its presence across the country, as well as towards product development.
“We will be adding more services, and look to enhance our technology capabilities and develop the team further, as we keep growing our footprint,” TaxiVaxi Chief Executive Neeraj Tayal told.
Co-founder Tayal, however, declined to disclose the names of the investors participating in the new round.
Founded in July last year by Tayal, Ankit Gupta and Vinod Kumar, TaxiVaxi is an aggregator of cabs, including radio taxis, such as Meru Cabs, ride-hailing apps, such as Ola and Uber, self-drive operators, and tour operators.
The company, which had earlier raised angel funding of between Rs 30 lakh-Rs 40 lakh in November last year, operates in 300 cities across the country, and claims to have between 125-150 cab companies on its platform. It also partners about 15 radio taxi operators.
Apart from its consumer-facing segment, TaxiVaxi also caters to the corporate segment, offering them a separate web-based solution, which is bundled with its app.
According to Tayal, the startup has about 20 corporate clients, which include luxury retail brand Good Earth and global human resource firm, AON Hewitt, among others.
“In the B2B segment, we are currently doing between 150-200 rides on a daily basis, and we will be focusing on this segment in the immediate future, as we feel that this will allow us to penetrate the B2C space down the line,” Tayal said.
The startup’s revenue model includes billing clients based on the pricing negotiated with them. On the consumer side, the company charges users 20%, with the remaining going to service provider. It claims to be earning monthly revenue of about Rs 1 crore.
According to Tayal, the startup is considering entering the bus segment as well.
“We are thinking about it. We want to offer a solution where users can hire a coach at the click of a button,” he said.
Source: The Economic Times
