Chennai-based online bus ticketing portal TicketGoose has raised Rs 18 crore from US based venture capital firm Indventure, reports The Economic Times. The company plans to use the investment raised to scale up its operations and hiring.
Prior to this, TicketGoose had raised Rs 3 crore from US based angel investors at a valuation of $7 million in July 2012, although the ET report pegs this investment to be Rs 5 crore. It had also raised Rs 3 crore in angel funding from the former Gum India CEO R. Narayanan and other US investors in October 2012, as indicated by a TechCircle report.
Launched in August 2007, TicketGoose is a South India focused online bus ticketing portal. It claims to have tie-ups with more than 700 bus operators and 6,000 agents to offer bus booking facility for 20,000 buses across 10,000 routes. It claims to have clocked revenues of Rs 22.5 crore last year and was targeting a Rs 100 crore turnover this fiscal.
redBus.in which was acquired by Ibibo Group earlier in June 2013, currently dominates the online bus booking segment in India, although Bangalore-based busIndia.com claims to be at least twice as bigger as redBus.in. MakeMyTrip also offers a bus ticketing facility, following the acquisition of Ticketvala in Feb 2010, while Paytm introduced bus ticketing last December.
Besides this, there’s also Travelyaari and AbhiBus which is apparently looking to raise $10 million and is currently in advanced discussion with three private equity firms. Earlier this year, Cleartrip had also partnered redBus and Travelyaari to offer a bus ticketing service, while iXiGO had launched a bus ticketing Android app.