The Indian taxi market is valued at $9 billion, with only 6% being organized, primarily due to the fragmentation and emergence of ride-hailing aggregators like Ola and Uber. Key growth drivers include price competitiveness, customer convenience through app-based bookings, and a flood of new competitors, each innovating with technology and safety features. New entrants such as Wagon Cab and Vihik Cabs are innovating with models that address pricing and meet specific customer needs in tier II and III cities.