Mantis Technologies, the India-based operator of online bus ticketing platform Travelyaari, has secured $7m in a series B round led by media group Bennett Coleman and Co (BCC).
GVFL, the venture capital firm that led a $3m bridge round for the company in March this year, also took part in the round. The firm, previously known as Gujarat Venture Finance, invested an undisclosed amount in Travelyaari in 2011.
Launched in 2007, Travelyaari runs an online bus ticket selling platform as well as a business-to-business offering and backend technology for bus service operators. It will use the funding for product development and to enhance its service network.
Aurvind Lama, co-founder and chief executive of Mantis Technologies, said: “Our products and services have witnessed great adoption in the country, among travellers and bus service providers.
“We will be looking to utilise this fresh induction of capital to further strengthen our business-to-business and business-to-consumer offerings and to achieve greater business growth.”