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RedBus receives $6.5mn series C funding from existing investors

Bangalore-based Pilani Soft Labs, which runs online bus
ticketing service RedBus.in has reportedly raised $6.5 million in Series C
funding from existing investors Helion Venture Partners, Inventus Capital and
Seedfund. The current round was led by Helion Venture Partners, with Inventus
and Seedfund participating.

Bangalore-based Pilani Soft Labs, which runs online bus
ticketing service RedBus.in has reportedly raised $6.5 million in Series C
funding from existing investors Helion Venture Partners, Inventus Capital and
Seedfund. The current round was led by Helion Venture Partners, with Inventus
and Seedfund participating.

Seedfund had initially invested in the company in 2008 and in
2009 RedBus had raised an undisclosed Series B round led by Bangalore-based
Inventus Capital. According to TechCircle, the company plans to scale up its
ticketing website and its software platform Seat Seller for bus operators. RedBus
is adding 100 people this year, primarily to its call centre facility. According to the company release, the funds will be used to expand RedBus’ footprint and reach in its current markets. RedBus has crossed 3.5 million tickets and has registered Rs. 120 crores in gross bookings.

Phanindra Sama, CEO and co-founder, RedBus, said, “It’s highly motivating for us to get backed by all our three existing investors. At this stage of our journey, our business is strengthened by the network effect. It’s encouraging for us to see government participation on our platform. Recently the Goa Government Transport Corporation adopted our technology. With the latest fund raised we plan to strengthen our capacity to serve the increasing business.”

“While the bus market is attractive, the quality of the team is even more compelling. They have solved a hard problem grounds up, institutionalized a culture that engenders ethics alongside success, and have achieved scale in a fragmented space,” said Ashish Gupta, Partner, Helion Venture.

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