With the advent of advanced technologies for traffic data collection, it has become possible to collect large amount of traffic data to analyze and understand the system better. Most of the taxi cabs operating in the metropolitan cities of India are being equipped with GPS devices to keep track of the location of the taxi. However, this big data can also be used to understand the taxi service characteristics better. The present study deals with the analysis of GPS traces collected from taxi cabs in Bangalore, a metropolitan city in India. The analysis focuses on the identification of maximum usage periods of taxi cabs within a day, peak locations and the peak days in these locations. The performance of a taxi was also analyzed in terms of number of trips per day and distance travelled per trip. The findings from the study can aid in an efficient taxi dispatch system.