Online bus booking platform Travelyaari today said it has raised USD 7 million (about Rs 46.6 crore), led by Gujarat Venture Finance Ltd (GVFL), Bennett Coleman & Co Ltd (Times Group) and other investors.
The Series B investment will be used to facilitate product development as well as business growth for Travelyaari, it said in a statement.
A flagship product of Mantis Technologies, Travelyaari will also use the funds to further augment its service network and increase the online penetration of bus bookings, it added.
"More than 5,000 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," it said.
The company had previously raised series A investment of USD 3 million.
"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," Mantis Technologies co-founder and CEO Aurvind Lama said.
He added that the company is looking at utilising the fresh induction of capital to further strengthen its B2B and 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. Mantis does business worth USD 450 million per annum.
Set up in 2007, Travelyaari has provided technology solutions for state transport corporations like Punjab Roadways and PRTC. It is in talks with other transport corporations for adoption of its technology solution.
The platform will also look at building an ecosystem around road travel by including pickup and drop services, food, and lodging to its platform offerings in the near future.
