redBus raises second round funding from Inventus Capital

By siliconindia   |   Tuesday, 07 July 2009, 23:51 IST
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redBus raises second round funding from Inventus Capital
Bangalore: Pilani Soft Labs , the company behind bus ticketing service redBus, has raised second round of funding led by Inventus Capital Partners. Seedfund an existing investor, has also participated in the funding, VCcircle reports. redBus has a network of over 500 bus operator partnerships covering over 5,000 routes in India. redBus plans to further increase the number of bus routes and tickets available on its platform while expanding operations in the country with the generated fund. "We have seen tremendous growth since inception, with bus operators and consumers validating our model. With this investment we hope to accelerate growth and further strengthen our position as the leading bus ticketing company," said Phanindra Sama, Co-founder and CEO of redBus. This is Inventus' third investment from a fund that invests in technology-powered companies addressing high-growth global and local markets. Parag Dhol from Inventus Advisory Services will join redBus' board. "The fragmented bus travel market in India offers a significant aggregation opportunity. In redBus we see a set of young, enthusiastic entrepreneurs addressing a large and largely untapped opportunity. We hope to work closely with the founders, existing investor and advisors to create a unique and valuable brand," said Kanwal Rekhi, Co-founder, Inventus Capital Partners.

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