Travelyaari, an online bus booking platform, has announced the successful closure of its Series B investment round worth US$7 million. Led by Gujarat Venture Finance Limited (GVFL), Bennett Coleman & Co. Ltd (the Times Group) and other investors, the latest investment will be used to facilitate product development as well as business growth for Travelyaari. The company had previously raised a Series A investment of US$3 million.
Aurvind Lama, Co-founder and CEO, Mantis Technologies which owns Travelyaari said, “The latest investment into Travelyaari is yet another reflection of the company’s superior product and deep-rooted supply chain not only in Tier 1, but also in Tier 2 and 3 cities. We will be looking to utilise this fresh induction of capital to further strengthen our B2B & B2C offerings and to achieve greater business growth.”
In addition to its B2C bus ticketing service, the platform offers B2B solutions to nearly 2,000 bus operators through its Bus ERP product called BusCRS and is also the provider of the largest inventory distribution service to online and offline travel agents through its global distribution system.
Elaborating the reason behind the investment decision, Sankalp Bajpai, Spokesperson, GVFL said, “ We believe that bus tickets are no different and customers would like to buy them on-the-go as well. Another thing that really excited us as investors is its business model, which is collaborative and helps all stakeholders, be it bus operators, OTAs & Agents, or customers. We believe that such a model has the potential to scale quickly, which is why we have chosen to invest in the company.”
