Delhi-based online car rental start-up, Mytaxiindia.com (MTI), has been identified by Green House Ventures (GHV) for its 12-month accelerator programme for entrepreneurs.
MTI will receive seed funding of $100,000 from GHV, which gets 20 per cent equity in the company.
GHV will provide the necessary resources, strategy and mentorship that will enable it to scale faster.
Co-founded three years ago by Anshuman Mihir, Mohit Rajpal and Satyakam Rahul, MTI has a fleet size of 4,000 taxis in 102 cities and offers a complete spectrum of chauffeur drive services for personal and business requirements that can be booked online.
The start-up offers intra and inter-city travel, transfer service for airport and railway station, car rentals for events/marriages/conferences, car rentals for corporate travellers and for travel agents too.
“Unlike other online car rental companies, we are neither owners nor aggregators of taxis but we have adopted the affiliate business model where we work with taxi fleet operators across the country who we have on-boarded on our platform,” Anshuman Mihir, co-founder and CEO of My Taxi India Pvt Ltd, told BusinessLine .
MTI runs daily discount offers for customers and has a 24x7 customer support centre.
“Although we are profitable, we were missing key business metrics and struggling to raise institutional funding to scale up our operations. Now that we are selected for GHV’s accelerator programme, we will use the funds to expand to other cities, scale up our operations and launch a native mobile app in three months,” said Mihir. MTI aims to expand operations to 125 cities with one lakh active app users by March 2016.
Vikram Upadhyaya, Chief Mentor & Accelerator Evangelist at GHV, said MTI’s potential to grow 10 times in 12 months made it the ideal company to invest in.
GHV has strategic tie-ups with World Innovation Labs, a Japanese VC Fund, Nasscom’s 10,000 Start-ups Initiative and a mentors’ panel, including Rajan Anandan, Sharad Sharma and Rehan Yar Khan, that start-ups can leverage to reach the Series A milestone with ease.