Kanwal Rekhi’s Inventus Capital has picked up an undisclosed stake, for an undisclosed investment, in Bangalore-based Pilani Soft Labs , makers of online bus ticketing service redBus (see press release here). This is redBus’ second round of funding since its inception in 2005. The company had raised about $1 million in seed money from Seedfund last year. The Mumbai-based seed investor has participated in the second round as well. Update: More details on the money raised in a Medianama post and a ChubbyBrain post.See an earlier in-depth profile on redBus in Businessworld here.
Inventus entered the Indian venture capital market last June with a $125 million early-stage fund focused on areas such as consumer Internet, software-as-a-service, embedded software and mobile technology. It has invested in two other companies — TELiBrahma and Insta Health Solutions.
Rekhi, Inventus’ managing director, is widely hailed as one of the early champions of technology entrepreneurship in the subcontinent. It will be interesting to see what kind of companies or ideas Rekhi will bet on when he gets down to seed investing. For now, Series A seems to be his sweet spot. Which is good since there are hardly any investors even in that space at the moment.
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