Bangalore-based Pilani Soft Labs, makers of online bus ticketing service redBus has raised $6 million in Series C funding from existing investors Helion Venture Partners, Inventus Capital and Seedfund. This takes the total venture capital raised by the company to $9.5 million. Seedfund, which seed funded the company in 2008, remains the largest shareholder, said executive director Anand Lunia, confirming the deal.
Founded in 2006 by former Texas Instruments executive and BITS Pilani alumni Phanindra Sama, the company is aiming for $33.3 million revenues this fiscal, Sama told VCCircle in an interview recently. We could not reach Sama for comments on the deal.
redBus’ last round of funding was in 2009 when it raised an undisclosed Series B round led by Bangalore-based Inventus Capital. The company pioneered the concept of online bus ticketing and connects bus operators with travelers. This is the second Seedfund-backed company to raise additional funding this month. Low-cost hospitals chain Vaatsalya is close to raising a $10 million round from existing and new investors.
Image Courtesy: redBus