M-Taxi gets angel funding for bike ride-hailing play
Ace Fenders Travels Pvt Ltd, which runs an app-based two-wheeler taxi hailing service called M-Taxi, has received investment from angel investors Mandeep Singh and Jairaj Singh.
The company will use the funds to spread its service across the national capital region and hire more people.
The Gurgaon-based startup was founded in February this year by Arunabh Madhur, who had earlier co-founded a media content company and also worked at senior positions with various media organisations.
The company's advisory board comprises entrepreneurs such as Rudra Dalmia, Rajnish Kumar and Ritesh Srivastava.
"Such services are a requirement to make Gurgaon and NCR smart cities... I am certain of exponential growth of M-TAXI," said Jairaj.
M-Taxi provides two-wheelers as a taxi service to provide last-mile connectivity where larger vehicles are ineffective and more expensive in slow-moving traffic.
"All our riders go through background verification, are trained on behavioural and efficiency aspects and also on hygiene and safety," said Madhur.
M-Taxi will compete with Baxi, another app-based bike hailing service. In the taxi service segment, outstation travel taxi aggregator AHA Taxis, run by WAAH Taxis Pvt Ltd, has raised an undisclosed round of angel funding from ah! Ventures. Dominant players in the inter-city commuting segment are Ola and Uber, which have also started a carpooling service.