Bangalore based online ticketing platform Travelyaari raised $3 million in its latest round of funding. It’s existing investor GVFL Ltd and other undisclosed investors participated in this round.
Through its Golden Gujarat Growth Fund I, GVFL invested in this bridge round. The funds will be used in marketing efforts and its expansion. It will increase their employees count from 200 to its 3 times.
Sanjay Randhar, MD at GVFL said
“We confirm that GVFL has invested $3 million in the bridge round through its Golden Gujarat Growth Fund I. The company will use the money for its expansion and marketing plans.”
GVFL had earlier invested in Travelyaari around 5 years ago via SME Technology Venture fund.
Travelyaari was founded in 2007 by Partha Sinha and Aurvind Lama. From 2008 it started its commercial operation. Till date, it has raised around Rs 20 crore from GVFL, Bennett & Coleman & company ltd and centre for innovation and incubation entrepreneurship. It provides services through its online products such as BusTicketBooking, IamGDS, BusCRS API besides Travelyaari.
It claims that it’s backend system is used by more than 1,600 operators for their day to day operations supporting annual transaction volume of more than Rs 3,000 crore. It’s competitors include Paytm, Abhibus.com and RedBus.in. Other than its online ticketing facility, It also provides technology platforms for bus operators for ticket bookings.
“it is an Rs 80,000-crore industry and only 10 per cent of bus tickets are currently sold online. The trend is changing at a rapid pace and online sales can contribute to more than 40 per cent sales in the next 3-4 years.”
With over 1,43,000 bus option per day on around 45,000 routes it claims to have a network of more than 2,100 bus providers. It is also planning to launch cabs and automobile bookings service.
Randhar also said
“Mantis Technologies, led by IIM-A alumnus Aurvind Lama, caters to a large market with a unique business model that has potential of monopolistic play. GVFL has witnessed and supported the growth of the company in the last five years, and we continue to back it.”