MTI Gets Strategic Investment from UAE Based Investment & Holding Company "Zain Group of Companies"

Gurgaon-based MyTaxiIndia (MTI), an outstation taxi and cab service provider in India, has raised strategic investment from UAE-based investment and holding company Zain Group of Companies. According to Zaid Khan, Chief Strategy Officer, Zain Group of Companies, “I personally, admire MTI's passion for working towards making transportation easier and faster for the Indian commuters. MTI's craving for success and innovation will surely create a better future for the company and revolutionize the transportation industry. I am glad to become a part of that future.”

Anshuman Mihir founded MTI in 2013. The company has won the prestigious 'Superstar Startup of 2015' award from NASSCOM 10,000 Startups and was also the winner of the Best Startup Pitch award 2016, at the RISE conference in Hong Kong. MTI has the largest ISO 9001:2008 certified taxi network in India, and has over 20,000 + taxis.

According to Anshuman Mihir, CEO & Founder of My Taxi India. “Our asset light business model and technology are helping us to become profitable. We are moving towards profitability, city by city. Today, we are profitable in 23 cities of India and in the next financial year we will be profitable in 40 more cities.”

MTI has a pan-India presence, and is operational in 200 cities and has 10000 one-way routes. It has the largest outstation taxi network and the booking process is extremely simple through a one-click approach.

MTI was part of the Green House Ventures (GHV) Accelerator Program, as a result of which it received an initial funding of $100,000. While they were part of the Accelerator Program, MTI raised $1mn as investment funding from Japan's largest taxi company Nihon Kotsu Co, and has shown a significant growth of 796%. Nihon Kotsu is an established service provider that operates limousines across Japan. The capital raised from Nihon Kotsu was utilized for expanding services to Tier 2 and 3 cities, technology development, marketing and branding. According to Vikram Upadhyaya, Chief Mentor and Evangelist at GHV Accelerator, ”The MTI team cut very well on my TEST i.e. Team, Execution, Scalability and Technology. Their strong business ethics and focus on unit economics along with the asset-light model approach has bid them well.”

In 2016, MTI tied up with SpiceJet to give its passengers the option of booking a taxi that will reach the airport, at the time of ticket purchase itself, and it is looking to work on more such tie-ups.

MTI is focusing on servicing both - one-way taxi & package-based outstation taxi service - segments in the past few years. Last year, it also launched its mobile app on iOS and Android platforms. This is the largest intercity application in India. The app enables the customers to check the availability of taxis in real time, gives them instant confirmation with driver details and allows the customers to check their ride en-route on the map. Several car choices and flexible payment options are also available within the app.