Online bus booking platform Travelyaari has announced the successful closure of its Series B investment round worth USD seven million led by Gujarat Venture Finance Limited (GVFL), Bennett Coleman and Co. Ltd (the Times Group) and other investors.
The latest investment will be used by the company to facilitate product development as well as business growth for Travelyaari.
The platform will be looking to use the funds raised to further augment its service network and increase the online penetration of bus bookings.
More than 5000+ road travel service providers will be integrated with the
platform, along with more channel partners and agents.
Travelyaari will also be looking to increase its customer base by targeting the middle class segment across India. The company had previously raised a Series A investment of USD three million.
"Travelyaari was established as a platform that enables online bus ticketing processes through reliable services and end-to-end technology solutions for different players in the industry. Our products and services have witnessed great adoption in the country, both amongst travellers and bus service providers, owing to the convenience and comfort they bring," said Co-founder and CEO, Mantis Technologies Pvt. Ltd., Aurvind Lama.
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"The latest investment into Travelyaari is yet another reflection of the company's superior product and deep-rooted supply chain not only in Tier I, but also in Tier II and III cities. We will be looking to utilize this fresh induction of capital to further strengthen our B2B and B2C offerings and to achieve greater business growth," added Lama.
"Organizing the unorganized bus operators industry, creating digitalized bus ticket inventory and then leveraging it to run a GDS business as well as a B2C portal is no easy task. Despite the challenges, the dedication and effort of the team behind Travelyaari has resulted in an exponential growth for the platform. Its success is a testament to the viability of its business model in the Indian market, and gives us confidence as investors to support the company's continued growth through capital investment," said Bennett Coleman and Co. Ltd., Rahul Bhutiani.
"We will now be looking to build a highly collaborative platform to deliver end-to-end experience to the end-consumer through Travelyaari, and bus service providers' and agents' outlets," added Aurvind Lama.
A pan-India brand with a monopoly in North and West India, where it holds a 90 percent share of the inventory, Travelyaari is looking to expand its present geographical footprint. The platform will also be looking to build an ecosystem around road travel by including pickup and drop services, food, and lodging to its platform offerings in the near future.