Bike App Baxi Gets INR 10 Crore from Several Prominent Investors


The bike hailing startup Baxi which had generated headlines across the nation will be going live from Tuesday onwards. 2 wheeler taxi services will be provided in Gurgaon post approval and permits from the Haryana Government. Services will be further rolled out in towns like Bahadurgarh, Faridabad and Sonepat.

 

This is one of the biggest seed rounds for Indian startups which are yet to be launched. Several high net worth individuals have funded the venture. These include the managing partner of WaterBridge Ventures, Manish Kheterpal, ex-India head of venture capital firm Canaan Partners and founder of Indifi Technologies, Alok Mittal and the managing director of Dalmia Bharat Group, Puneet Dalmia.

 

According to Manish Kheterpal, there is huge scope for this market particularly when it comes to last mile transportation. There is a huge value proposition as compared to regular alternatives. The overall strategy for the company involves total access in every city that it covers with five minute access. The seed round is heartening considering that the company is slated to formally launch services tomorrow. Early stage investments are breaking ground in India according to experts.

 

Baxi operates on a similar model as GrabBike, the motorcycle taxi service that was launched by the taxi-hailing app named GrabTaxi in Southeast Asia. GrabTaxi is a major competitor of global market leader Uber in several markets. Baxi is 11 months old and will be working under the Government’s Motor Vehicles Act. This is the first such venture started by IIT Delhi alumni Manu Rana and Ashutosh Johri. 23 bikes will be used to launch this service but the overall fleet will be scaled up to a decent 150 by the month of January, 2016.

 

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