StartupCentral

Pilani Soft Labs, makers of online bus ticketing solution redBus, said in a press statement that it has raised $6.5 million in Series C funding. The deal was led by existing investor Helion Venture Partners. Seedfund and Inventus Capital Partners, also existing investors, participated in the round.

Startupcentral was first to report the Series C round. redBus was founded in 2006 by BITS Pilani alumni Phanindra Sama and Charan Padmaraju. The company has crossed 3.5 million tickets and reports gross bookings of Rs 120 crore. The Bangalore-based company will use the funds to expand its geographic presence.

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

Kanwal Rekhi’s Inventus Capital has made a Series B investment (amount undisclosed) in in Bangalore-based Pilani Soft Labs , makers of online bus ticketing service redBus — press release.

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, which has also participated in this round.

What others are saying about the deal

• redBus’ expansion plans (Medianama)
• Inventus backs redBus (VCCircle)