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RedBus Closes Second Round Of Funding; Expansion Plans

Bangalore-based Pilani Soft Labs, owner of Redbus, the website that offers bus ticket bookings and distributions, has closed its second round of funding from Inventus Capital Partners, Seed Fund and other unnamed investors. Phanindra Sama, Co-Founder and CEO of RedBus told MediaNama that the company has increased its share capital to accommodate new investors, and the majority stake is still owned by the founders, though he declined to share the total amount, or any financial information. In the second round, Seed Fund had invested $700,000 in RedBus, while unnamed investors had also contributed to a fundraising of $2.5 Million, mentioned in an interview here. That second round of investment has now been closed with an additional, undisclosed round of investment from Inventus Capital. The funds raised will be used to add more services, expand geographically and diversify. Set up in 2006, RedBus had raised $1 million in its first round of funding of which $500,000 was from Indian VC Seed Fund and the rest from unnamed investors. The company has spent $1 million, Sama said. Expansion Plans, Buses For Hire, SaaS RedBus has over 500 partnerships with bus and tour operators for 5000 routes. It covers 15 states primarily in South, West and North India. It is now going to expand to Central, North-East and East India. It is also launching more packages. It will also launch chartered bus services soon on its site. After successfully piloting it, the company is now in the process of establishing internal processes and gearing up for the launch…

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