WingsTravels Management, which recently acquired Bookmycab, is planning to raise USD 15 million by way of equity dilution of promoters stake.
The Rs 150-crore Pune-based travel services company, has appointed BDO India LLP as its consultants for raising USD 15 million.
The funds raised from Series A round will be deployed for launching retail travel services in 47 cities in India that have airports and four cities in the Southeast Asia - Myanmar (Yangon), Vietnam, Sri Lanka and Thailand.
"The Indian car rental market is expected to grow at 30 per cent in the near term, while select Southeast-Asian countries of Myanmar, Thailand, Vietnam and Sri Lanka are in the nascent stage and have a much higher potential. The fund raising exercise will enable us to tap this latent potential," Wings Travels Management Founder Director Arun Kharat said.
Moreover, the funds would be used to strengthen the technology platform for services like shuttle pooling service and last mile delivery.
Giving details of the new products planned for Indian markets, he added that using the technology of Bookmycab we will launch the 'Bus pools' and 'Intercity car pools' on our app.
"With the penetration of entry level smartphones, we expect a large number of new user base to avail this app based services. We will be pioneers in India to launch such a service across multiple cities on the back of a robust technology platform," he added.
The company currently provides transport services to over 10 lakh employees of top multinational and Indian companies across nine cities. It has a fleet size of over 3,600 vehicles operating in eight major cities of India.
